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Save more on your taxes! Get a 30% break for using solar, wind, or other green energy in home improvements until 2033!
Inflation Reduction Act Expands Energy Efficiency Tax Deductions – Facilities Management Insights (Photo: informal Newz)
As tax time nears in 2024, homeowners can look forward to a boost in their refunds due to expanded home energy credits from the Inflation Reduction Act of 2
If you made your home greener in 2023, you might be getting more money back on your taxes. These changes offer significant tax breaks, especially for those using alternative energy sources like solar panels or wind turbines. Even smaller upgrades, like improving oil or gas appliances and adding insulation, windows, and doors, can mean money back during tax seas
And if you’re installing an electric vehicle charging station at home, there’s a tax credit for that too
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The IRS has two main tax credits for making your home more energy-efficient: the energy-efficient home improvement credit and the residential clean energy property credit.
The first one is for improvements that boost your home’s energy efficiency, giving you a 30% return for installing things like Energy Star-certified devices or making energy-related upgrades. The annual limit for this credit has been raised from $500 to $1,200.
There’s also a separate credit limit of $2,000 for items like water heaters, heat pumps, biomass stoves, and biomass boilers, meaning you could get up to $3,200 back each year for making major energy-efficiency improvements. As tax season approaches, understanding and using these credits can make a big difference for homeowners who care about the environment.
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