Homeowners Now Eligible For Tax Credits For Energy Improvements

Starting from the beginning of 2023, and going until 2032, the federal government has announced tax credits for improving the energy efficiency of one’s home. Some of the credits apply only to primary residences; others apply to both primary residences and second homes. In either case, a tax credit of 30% of the cost of improvements can be applied to federal income tax.

The energy improvements that apply to either type of residence are rooftop solar panels, wind energy improvements, geothermal heat bumps, and battery storage. The types of improvements that apply only to primary residences, as long as they are energy efficient varieties, are heat pumps, heat pump water heaters, insulation, doors, windows, and electrical panel upgrades. This tax credit also applies to home energy audits. The primary residence only tax credit has a limit of $3200 annually.

Photo by Jagoda Kondratiuk on Unsplash

More: https://journal.firsttuesday.us/energy-efficient-tax-credits-for-housing/91323/