ENERGY & UTILITIES
ENERGY & UTILITIES
You can search for all state and local tax credits, rebates, & savings by each state. There are so many opportunities to save on your taxes by being energy efficient so find out which credits you might be missing out on.
START HERE: Energy.gov
Here are more ways to save money:
- Energy-Efficiency Tax Credit – You may be able to reduce your taxes if you made certain energy-efficient home improvements to your home. For information on energy-efficient products, visit the U.S. Department of Energy’s EnergyStar website, but note that not all Energy Star products qualify for the tax incentive. Learn more here!
- Energy Efficient Mortgage Insurance – This program helps homebuyers or homeowners save money on utility bills by helping them get loans to cover the cost of adding energy-saving features to new or existing housing as part of a Federal Housing Administration insured home purchase or refinancing mortgage.
- The Federal Housing Administration’s(FHA) Energy Efficient Mortgage (EEM) program recognizes that lower utility costs can help a homeowner pay a higher mortgage to cover the cost of energy improvements. Under the program, persons may add the cost of energy-efficient improvements to their loan amount. See how here!
- FHA PowerSaver Home Energy Retrofit Loan Pilot Program – A new pilot program was implemented in fiscal year 2011, which offers borrowers low-cost loans to make energy-saving improvements to their homes. Backed by the Federal Housing Administration (FHA), these new FHA PowerSaver loans offer homeowners up to $25,000 to make energy-efficient improvements of their choice, including the installation of insulation, duct sealing, doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems. Learn more!
- Residential Renewable Energy Tax Credit – A taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer. Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is at a new home, the “placed in service” date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. Find out more!
- Solar Investment Tax Credit (ITC )-is a 30 percent federal tax credit for solar systems on residential (under Section 25D) and commercial (under section 48) properties that, under current law, remains in effect through December 31, 2016. Get more info!