Don’t Forget ENERGY STAR Tax Credits this Tax Season!

Don’t Forget ENERGY STAR Tax Credits this Tax Season!

Did you make any energy-saving home improvements or purchases last year? If you did, you may be eligible for tax credits! As you prepare to file your 2013 returns before the April 15th deadline, don’t forget to claim your upgrades and redeem your eligible deductions.

What Purchases and Improvements Are Eligible for A Credit?
ENERGY STAR products in the categories listed below are eligible for 10% of the cost up to $500 or a specific amount depending on product, ranging from $50 to $300. In order to qualify, you must have purchased any of the following products on or before December 31, 2013 for your primary residence

  • Air source heat pumps – Up to $300
  • Central air conditioners – Up to $300
  • Boilers – Up to 1500
  • 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

To learn more about how to apply and what forms you will need, visit ENERY STAR.

Looking ahead to home improvements you may be planning to do this year, here are ENERGY STAR products that will be eligible for a 30% tax credit on your 2014 tax returns. There is no upper limit to qualify for the credit and it applies to the installation costs on both primary and secondary homes (excluding rental properties):

  • Geothermal heat pumps
  • Solar (includes photovoltaic and solar water heaters)
  • Small wind turbines (residential only and no more than 100 kW)

There are many ways to cost-effectively make your home or business more energy efficient before and after tax season. Check At Home Tips for more tips and resources to help trim your energy bills and consumption year round; and don’t forget to take the 10% Challenge!