Want to know what the only energy-efficient upgrade to your primary residence will be allowed to be as a Federal Tax Credit for 2017 and beyond? Solar Panels!
https://www.energy.gov/energysaver/planning-home-solar-electric-system
As of December 31, 2016 the energy-effiecient upgrades such as, window, door and skylight replacments, roofs, water heaters, insulations, bio-mass stoves, heating, air-conditioning, giothermal heat pumps and residential wind turbines will no longer be a federal tax credit if upgraded after the year 2016. If you however did renovate with any of these upgrades in 2016 you want to be sure to use https://www.irs.gov/pub/irs-prior/f5695--2016.pdf to claim them on your taxes.
Credit value per upgrades for 2016:
-Windows, doors and skylights:
Tax credit: 10 percent of the cost, up to $200 for windows and skylights, and up to $500 for doors. Does not include installation.
-Roofs(metal or asphalt):
Tax credit: 10 percent of the cost, not including installation, up to $500.
-Water heaters:
Tax credit: $300.
-Insulation:
Tax credit: 10 percent of the cost, up to $500. Does not include installation, but you can install the insulation/home sealing yourself and get the credit.
-Bio Mass Stoves:
Tax credit: $300.
-Heating, Air Conditioning and Venilations:
• Central air conditioning, $300 tax credit.
• Air source heat pumps, $300 tax credit.
• Gas, propane, or oil boiler, $150 tax credit, including installation costs.
• Natural gas, propane, or oil furnace, $150 tax credit.
-Geothermal Heat Pumps:
Tax credit: 30 percent of cost with no upper limit (second homes qualify).
-Residential Wind Turbines:
Tax credit: 30 percent of cost with no upper limit (second homes qualify).
-Solar Panels https://www.energystar.gov/about/federal_tax_credits
Tax Credit: 30% of cost with no upper limit
Expires: December 31, 2021
Tax credits for Solar Energy Systems are available at 30% through December 31, 2019.
The credit decreases to 26% for tax year 2020; drops to 22% for tax year 2021 then expires December 31, 2021)
Details: Existing homes and new construction qualify. Both primary residence and second homes qualify. Rentals do not qualify.
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