3 Valuable Tax Credits for Saving Energy

3 Valuable Tax Credits for Saving Energy

Let’s face it – very few people enjoy filing their taxes each year.  But you may be pleasantly surprised to learn that there are a number of tax rebates that can help you offset the cost of investing in energy efficient upgrades and equipment. Here are three popular tax rebates that you should consider:

  1. ENERGY STAR-Certified Products: 10% of cost up to $500 or a specific amount from $50-$300 for the purchases of the following ENERGY STAR certified products:
    • Air source heat pumps – Up to $300
    • Biomass stoves – Up to $300
    • Central air conditioners – Up to $300
    • Boilers – Up to $150
    • Furnaces – Up to $150
    • Insulation – 10% of the cost, up $500
    • Roofs – 10% of the cost, up $500
    • Non-solar water heaters – Up to $300
    • Windows and doors – 10% of the cost, up to $500, but windows are
      capped at $200

    Learn more at energystar.gov

  2. Renewable Energy: 30% of cost with no upper limit on the following investments
    • Geothermal heat pumps
    • Small residential wind turbines
    • Solar energy systems

    Learn more at energystar.gov

  3. Invest in your business: New or existing commercial buildings that are constructed or reconstructed to save at least 50% of the heating, cooling, ventilation, water heating, and interior lighting energy cost may be eligible for a tax credit of up to $1.80 per square foot.

Learn more here at Residential Energy-Saving Incentives
In addition to tax credits, there are a number of other rebates for saving energy that are offered through the State of Virginia and various utility companies.