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February 2017
From the Department of Energy (EnergySaver.gov):
At the end of 2016, the clock runs out on several federal tax credits for homeowners who made energy upgrades during the year. A tax credit reduces the amount of tax owed, so it's different from a tax deduction, rebate, or refund.
Use Energy Saver's reference list below to see if you are eligible for qualifying credits when filing IRS Tax Form 5695 with your taxes. Bonus points for having your receipts and manufacturer's certification statement on hand!
Home Efficiency Improvements
First-time claimers of the Residential Energy Efficiency Tax Credit can get as much as $500 back for qualifying installations in 2016. Follow the links below to review specific requirements for each product. Remember that to claim the credit, all products must have been placed in service by December 31, 2016.
Building Envelope Improvements
Building Insulation
Exterior Doors
Roofs (metal and asphalt)
Windows
Heating, Cooling and Water-Heating Equipment
Central Air Conditioners
Biomass Stoves
Boilers
Furnaces
Heat Pumps
Water Heaters (non-solar)
Home Renewable Energy Systems
Thanks to the Residential Renewable Energy Tax Credit, you can get a tax credit of 30% for the cost of adding these renewable energy technologies to your house:
Fuel Cells
Geothermal Heat Pumps
Solar Photovoltaics*
Solar Water Heat*
Residential Wind Turbines
*In the headline, we promised 13, and then gave you 15. That's because the tax credit for home solar PV and water heating systems doesn't expire for another five years, but the percentage you can claim gradually drops off after 2019. Now is the time to start planning your solar energy system!
So there you have it—the 15 home energy efficiency and renewable energy tax credits that can be claimed when you file your federal tax return before April 18, 2017. There are too many to list here, so be sure to check for state or local incentives too.
Happy saving, from the Energy Saver Website (EnergySaver.gov).
Dennis R. Lawrence
Broker/Owner