Save on Taxes With Energy Rebates
As the year draws to a close, you might be preparing for holiday parties, but you may also be casting an eye forward to the dreaded 15 April deadline that, like death, comes for all of us. If you're nervous about how much you might owe Uncle Sam this time around, have you considered squeaking in
Posted — UpdatedAs always, before you spend money on energy efficiency upgrades, make sure you know what you're getting. Talk with your contractor about what is being installed, how much energy you will save, what the options are, and how to use your new energy-efficient products most effectively. If you're performing an installation with energy tax credits in particular in mind, consult your contractor in detail to make sure everything you're doing qualifies for a credit.
Some firms actually specialize in these kinds of upgrades and they're very familiar with all the available credits, incentive programs, and other money-saving options. They can help you make the most money out of your decision to upgrade and they'll assist with filing documentation paperwork, claims, and other materials. You should also check with your accountant to see if there's anything special you need to consider while working for energy upgrades, as sometimes the tax code can be quite tricky for us mere mortals.
*If you're a contractor, take advantage of the New Home Builder's Tax Credit of up to $2,000 on efficient new construction. And if you're working with a green contracting firm to build your dream home, talk to them about this and other tax credits available for new construction!
These programs offset the initial cost of increasing the efficiency of your home and they create an added incentive to upgrade outdated equipment, energy generation systems, and more. That's a pretty good reason to ring in the new year with some solar panels, a geothermal pump, or just a new set of double-paned windows.