Are you Qualified for an Energy Efficiency Tax Credit?
This is the season when most homeowners are working on their taxes. Don’t we just love it when we get to use tax credits to lighten the load? Homeselfe, a home energy assessment app and web service for homeowners, brings us good news about tax credits we, as homeowners, may make use of. The catch? All you have to do is to list all the energy efficiency upgrades you did to your home in the past tax year.
“Not taking advantage of that [energy-related tax credits] is throwing away your hard-earned cash. We want to empower families to receive the maximum refund allowed on their tax returns by providing them insight into the energy credits that are available.”
- Ameeta Jain, co-founder of Homeselfe
Ameeta Jain, co-founder and spokesperson of Homeselfe, explains that upgrading your home to become more energy efficient not only lets you save on your monthly utility bills; doing so also helps you become eligible for a tax credit for your nature-friendly investment.
Homeowners can earn up to $500 on their return, depending on the kind of upgrades made in the past tax year. Here are some of the upgrades that may make you eligible for a home energy efficiency tax credit:
- Biomass stoves
- Heating, ventilation, and air conditioning
- Advanced main air-circulating fans (up to $50 in tax credits)
- Insulation (up to $500 or 10% of the cost)
- Metal and asphalt roofs
- Water heaters ( especially non-solar units; may earn a tax credit of $300)
- Windows, doors and skylights (10% of the project cost excluding labor)
To know whether you are qualified for energy-related tax credits, simply access the Homeselfe site or app to make use of their flowcharts and information guides. To know more about Home energy tax credits or Homeselfe, you can access the original article here.