Get Tax Credits for Eligible Home Improvements and Reduce Your Energy Costs!
Because of the Inflation Reduction Act of 2022, homeowners can now receive tax credits when they make energy-efficient home improvements installed between January 1, 2023, and December 31, 2032. This is a great way to help reduce energy costs, get more money back on taxes, and add value to a home. Here are some tips on how homeowners can take advantage of this legislation:
Research Eligible Energy-Efficient Upgrades
There are many home improvements that can increase a home's energy efficiency and are eligible for federal tax credits. Before making any major purchases, research what upgrades will qualify to maximize savings and consult a professional who can help guide the decision-making process and ensure the improvements are done correctly so they can be eligible.
Not only will professionals be able to advise on what products or materials would work best for a home, but they may also be able to help identify additional energy-efficient upgrades eligible for tax credits and install them correctly. Some of the notable home improvements that are eligible for the tax credits include:
- ENERGY STAR-certified ducted air source heat pumps are eligible for homeowners to claim 30% of the project cost up to $2,000
- ENERGY STAR-certified ductless mini split heat pumps with a SEER2 rating of 16 or higher are eligible for homeowners to claim 30% of the project cost up to $2,000
- ENERGY STAR-certified central AC systems with a SEER2 rating of 16 or higher are eligible for homeowners to claim 30% of the project cost up to $600
- ENERGY STAR-certified gas furnaces with an AFUE rating of 97% or higher are eligible for homeowners to claim 30% of the project cost up to $600
- ENERGY STAR-certified water heaters with 0.81 UEF or higher (for tanks less than 55 gallons) and 0.86 UEF or higher (for tanks holding 55 gallons or more) are eligible for homeowners to claim 30% of the project cost up to $600
- ENERGY STAR-certified tankless water heaters with 0.95 UEF or higher are eligible for homeowners to claim 30% of the project cost up to $600
- Electrical panel upgrades or replacement with a load capacity of 200 amps or more and is done alongside or enables the installation of qualified energy-effect improvements are eligible for homeowners to claim 30% of the project cost up to $600
Apply for Your Tax Credit
For tax purposes, it’s important to keep all of the necessary paperwork and receipts handy so everything can be properly documented. This includes any invoices or contracts related to the eligible home improvement as well as the total cost of the work.
Finally, when homeowners are ready to file their taxes, take advantage of the energy-efficient home improvement tax credit by completing the correct form and submitting it to the IRS. This form will allow homeowners to claim credits for eligible upgrades.
With the Inflation Reduction Act of 2022, homeowners have a great opportunity to save money on energy bills and increase their home’s value by making energy-efficient upgrades that qualify for tax credits. So don't miss out - start researching eligible energy-efficient upgrades and reach out today!
About Elite Electric, Plumbing & Air
Elite Electric, Plumbing & Air has over 30 years of experience serving Port St. Lucie and the surrounding areas. They offer upfront pricing, on-time arrival, and personal attention. Call them today to take advantage of tax credits on energy-efficient home improvements in Port St. Lucie, FL.