More and more people are looking to upgrade their home appliances to more energy-efficient models. Energy Star products for example are made to save you money, use less energy, and protect the environment. With research, many homeowners might think that initial installation and purchase fees are too high for their current budget.
Keep in mind, however, the long-term energy savings will eventually outweigh the current upfront costs.
You may even be eligible for 2017 Federal Tax Credits for Energy Efficiency.*
Unfortunately, the number of tax credits have dropped significantly from 2016 to 2017.
2016 offered Federal Tax Credits for:
For 2017, the only energy-saving and renewable energy sources eligible for federal tax credits are solar energy systems.
All homes qualify for the Solar Energy Systems tax credits. The federal solar tax credit, also known as the investment tax credit (ITC), applies to both residential and commercial systems.
According to Energy Star:
Tax Credit: 30% of cost with no upper limit
Expires: December 31, 2021
Details: Existing homes and new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify.
Tax credits include installation costs. You claim your credits by filing Form 5695 with your tax return. It is important to speak with a tax professional for expert advice on this process and to ensure the filing is done correctly.
Here are the requirements for Solar Water Heaters and Solar Panels (Photovoltaic Systems), as listed on the Energy Star website:
Be sure to speak with your financial planner, a professional tax advisor, or the IRS for expert advice on these eligible tax credits.
To apply for Solar Panel or Photovoltaic systems tax credit, click here.
According to Energy Star, qualified heating and cooling products can save 10-30% of all household energy consumption through the latest improvements in energy efficiency.
If you are looking to upgrade appliances in your home, or are in needs of replacement and installation services and want more information on energy-efficient models and federal tax credits, speak with a representative at Service Champions.
We can offer detailed information on the best makes and models for your modern upgrades and how to save money while also making your home more environmentally friendly.
In addition to tax credits, homeowners save even more money due to the reduction in energy use month-to-month and year-to-year. With tax credits and lower utility bills, suddenly energy efficient models become the most cost effective choice and much more attainable for your home than you may have considered previously.
* The tax credit information contained here is provided for informational purposes only and is not intended to substitute for expert advice from a professional tax/financial planner or the IRS.
Service Champions is known for trustworthy, on-time home service throughout the East Bay, South Bay, and Sacramento areas.
Interested in more energy-saving ideas for the home? Contact Service Champions for more information.
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