Up to $8,000 Tax Credits From the Inflation Reduction Act: Helps You Renovate Your Home!

Here are 5 Home Renovations you can do with the tax rebates:

1. Solar Panels and Other Renewable Energy Sources

In the form of non-refundable tax credits, homeowners can receive up to 30% back in the cost of a solar panel installation. Biomass fuel, geothermal energy, and wind also qualify for the credit.

If you install other clean energy sources like solar between now and the end of 2032, you can claim the tax credit. You should also ask your solar company about tax credits to save money.

2. Biomass Stoves and Boilers, Heat Pump Water Heaters, and Heat Pumps

Energy property nonbusiness credit applies to heat pumps and also to other energy-efficient water heating appliances. Up to $2,000 per year will be capped for this home improvement.

3. Energy-Efficient Doors and Windows

A 30% tax credit that is worth $1,200 per year for the homeowner who installs and upgrades insulation and exterior doors and windows, and energy-efficient skylights. This credit is non-refundable so you can use it to reduce tax liability but you can’t claim credit if you didn’t owe taxes.

4. Electric Stoves

Homeowners can have up to $14,000 cash back when they purchase certain energy-efficient electric heat pumps and appliances like electric stoves. These rebates will be available on a state-by-state basis.

5. Insulation

Through the HOMES rebates, homeowners in some states may qualify for up to $8,000 for insulation rebates. According to EPA.gov, they can save as much as 15% on their home cooling and heating costs.

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$8,000 Tax Credits

Up to $8,000 in tax credits will be in the hands of Americans. Home improvements in energy-efficient can save you money.

These incentives and rebates can help homeowners upgrade their homes and make desirable improvements and can increase their resale price if they decide to sell their homes.

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