In case you haven’t heard, the Residential Energy Efficiency Tax Credit has been renewed! This is great news if you plan to make any energy efficiency updates to your home this year. It is also a great reminder to apply any updates you made last year to your taxes this year. You could be eligible for a tax credit of up to $500!
Here is a list of products eligible for tax credits.
(To be eligible these projects must be complete by December 31, 2016.)
Building envelope improvements
- Insulation materials and systems
- Exterior doors and windows, including skylights
- Roofs—pigmented roofs designed to reduce heat gain, and asphalt roofs with cooling granules
Heating, cooling, and water heating equipment
- Advanced main air circulating fan
- Natural gas, propane, or oil furnace or hot water boiler
- Electric heat pump water heater
- Electric heat pump
- Central air conditioner
- Natural gas, propane, or oil water heater
- Biomass stoves
These products have specific requirements to qualify for the tax credit so make sure you review the Residential Energy Efficiency Tax Credit requirements before making a claim on your taxes or planning a project for 2016.
Residential Renewable Energy Tax Credit
If you have set your sights on a larger renewable home energy project for this year like a solar energy system or even a geothermal heat pump, you’re in luck too! Those tax credits have been renewed as well. Be sure to read the details on the Residential Renewable Energy Tax Credit requirements before planning your project.
Have questions on how upgrading your insulation would apply to these tax credits? Contact us today!