Going green is not just beneficial for the environment; it’s also a great way to boost your finances. Making energy-efficient upgrades to your home can not only reduce your energy bills but also offer some sizeable tax savings.
The Federal government wants to encourage citizens to go green, which is why they provide a range of tax credits. To claim these tax credits, you’ll need to fill out Form 5695.
Here’s what you need to know about it.
What’s Form 5695?
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The energy tax credit is designed for people who want to improve their homes to make them more energy-efficient. One example of this may be installing solar panels to generate energy from the sun. Making use of renewable energy in your home could be a significant tax move for you.
Here’s everything you need to know to claim the residential energy tax credit and learn what it takes to qualify.
Is the Residential Energy Tax Credit Still Available?
There’s a lot of misinformation regarding whether the residential energy tax credit is still available or not.… Read the rest
Get ready for the next tax season by knowing what home improvements you can make to qualify for energy tax credits.
Home improvements are more affordable and beneficial for you if you go with ones that fall under the Non-business energy property credit and the residential energy efficient property credit. So, let’s jump in and get started.
Non-Business Energy Property Credit
With this credit, homeowners can claim 10% of eligible home improvements (excludes labor/installation fees).
- Qualified energy efficiency improvements – Insulation, exterior windows, storm windows/doors, metal, and certain asphalt roofs
- Residential energy property expenditures – electric heat pumps, central air conditioning, natural gas/propane/hot water boilers, natural gas/propane/oil furnaces, advanced main air circulating fan used in natural gas/propane/oil furnaces, and biomass fuel stoves.
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