If you’re thinking about making an energy efficiency improvement to your Northern California home (like installing a high-efficiency furnace), now is the best time to do so.
December 31, 2013 is the last chance to take advantage of energy efficiency federal tax credits.
These tax credits are 10% of the cost of the energy efficient home improvement (up to $500) or a specific amount from $50 to $300.
A tax credit is a direct reduction of the total taxes you owe. This one makes it easier to afford energy efficient products that will lower your energy bills month after month.
What energy efficiency home improvements can I apply the tax credits to?
The tax credits apply to these products, provided they meet certain energy efficiency requirements:
These products must be installed in your home on or before December 31, 2013 to apply for the tax credit.
How is a tax credit different from a tax deduction?
Like we said before, a tax credit is a direct reduction of the total taxes you owe. Governments give tax credits to promote a specific behavior.
A tax deduction reduces the percentage of your income that is taxed. Tax deductions are from things like mortgage interest, personal exemptions and retirement contributions.
How to do I apply for the home energy efficiency tax credits?
Submit the 5695 form with your 1040 tax form.
Call a reliable Northern California contractor for help
Service Champions North can install many of these energy efficient products in your home. We also offer financing to make them easier to afford.
If you have any questions or need pricing for installation, contact us online or give us a call.
Service Champions, your local heating and air conditioning company, serves San Jose, Sacramento, East Bay and the surrounding areas. For more information on any of our products or services, contact us online.
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