Hey ,
If you want to save money on your taxes and make your home more energy efficient, you may be interested in the Energy Efficient Home Improvement Credit.
This non-refundable credit can reduce your tax liability by 30 percent of the cost of installing certain
energy-efficient improvements in your principal residence.
To claim this credit, you need to meet the following requirements:
- You must purchase and install qualified energy efficiency improvements during the year. These include insulation, windows, doors, roofs, water heaters, heat pumps, air conditioners, furnaces, and boilers that meet certain energy
standards.
- You must also obtain a home energy audit from a certified auditor who can identify the most significant and cost-effective energy efficiency improvements for your residence. The audit must include an estimate of each improvement's energy and cost savings.
The maximum credit for home energy audits is $150. You can claim a 30 percent credit on audits that cost up to $500. The auditor must provide you with a written audit report stating their certification and the audit details.
Starting in 2024, you must substantiate that a qualified auditor conducted your home audit by providing a copy of the audit report with your tax return.
The Energy Efficient Home Improvement Credit is part of the Inflation Reduction Act of 2022.
If you have any questions or
concerns, please contact us at 202-618-1297 or click the link below to book a quick tax chat with me.
