If you’re thinking about upgrading your home, you may want to consider a few energy efficient upgrades. These projects are not only a great way to make your house more comfortable, but they can also boost its resale value. Plus, you can save on your monthly utility bills with the help of government tax credits.
Energy efficiency is increasingly important for home improvement projects, and you can find a wide range of products to increase the overall efficiency of your home. This includes insulation, air sealing, and replacing old furnaces and water heaters. You can even add a smart thermostat to control your heating and cooling with the touch of a button. These improvements will not only lower your utility bills, but they will increase your home’s resale value and reduce its carbon footprint. Read more https://www.sellmyhousefasthoustontx.com/we-buy-houses-flower-mound-tx/
In addition to the long-term energy savings, these energy efficient home improvements can qualify for federal tax credits if they meet certain criteria. For example, you can get a credit for up to $2,000 when you upgrade your home’s water heater and HVAC system with qualified equipment that meets the EPA’s Energy Star standards. Other appliances that can qualify include refrigerators, dishwashers, laundry machines, and air conditioners. The ENERGY STAR website has valuable information and comparison calculators to help you choose the best appliances for your home.
The Inflation Reduction Act of 2023 has extended and enhanced two home energyefficiency tax credits for the 2024 filing year. The first one is for 10% of the cost of eligible home insulation, including installation costs. The second is a 30% credit on the cost of qualified air source heat pumps and water heaters, which consume less energy than traditional models. This credit is available for both new and existing homes.
You can also receive local incentives or rebates on these energy-efficient appliances from manufacturers and utility companies. Check with your local ENERGY STAR partner to see what offers are available in your area. The ENERGY STAR Home Energy Advisor is another useful tool to find local energy-efficient rebates and incentives.
In addition to the federal home energy tax credits, many states, counties, and cities have their own incentives or rebates. These can be as simple as offering a sales tax holiday or a cash rebate for certain energy-efficient appliances. You can also enter rebates and other incentives on TurboTax to see what you can claim.
