Solar Panel upgrades - don't miss out on tax credits! Buying a house!

By
Real Estate Agent with Re/Max Haven Realty 2016003500

 

 

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.

 

Comments (4)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Now is still a good time to jump onto the solar panel wagon...credits won't go on forever

Mar 23, 2017 08:27 AM
Gwynn Burns
Re/Max Haven Realty - Solon, OH
Going Above and Beyond to Find Your Next Home

Agreed William Feela 

Mar 23, 2017 08:48 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

In Oklahoma the idiots at our state legislature but a tax on anyone who installs solar. That's what you get when fossil fuels controls a state.

Mar 23, 2017 08:55 AM
Gwynn Burns
Re/Max Haven Realty - Solon, OH
Going Above and Beyond to Find Your Next Home

Joe Pryor wow, how much tax?

Mar 23, 2017 12:14 PM