Home improvements can be costly, but when they increase your energy efficiency, you may be able to offset the expense with tax credits. In Leslie Mann’s article here, she outlines some of the requirements and credits available for common renovations. Considerations Before Taking Action While installing new windows is almost always a safe bet, other energy efficient things, like furnaces and water heaters can be a little trickier to decide on. Before you start shopping, take these steps:
- Prioritize What You Need If you’d like a new AC unit, but need a new roof, consider which is more pressing before making any decisions. You may qualify for a rebate for one, but not the other.
- Research All Available Avenues Although Federal tax credits cover some things, check with your state and county for other programs available to you.
- Past Taxes If you qualified for past credits, but didn’t apply for them, consider filing an amended return. So, before you get started with this round of upgrades, look at what you did last year and check those tax records.