What Does the Home Improvement Tax Credit Mean for Me?

Helping homeowners take advantage of energy savings and energy-efficient upgrades is what we do best. So when the Inflation Reduction Act was passed in 2022, we got really excited!

Parts of this legislation provide a wonderful way for our community to save some significant money while also improving the value and efficiency of your homes. One great aspect of the Inflation Reduction Act is the tax benefit that you can take advantage of in 2024. Read on to learn more about the Energy Efficient Home Improvement Tax Credit.

What Is a Tax Credit?

We all know that it can be confusing when it comes time to sit down and do our taxes. You want to make sure you are making the most deductions and claims as possible to file your taxes correctly while also saving money where you can. That’s where this tax credit will shine!

The Energy Efficient Home Improvement Tax Credit is the tax benefit portion of the Inflation Reduction Act that will help lower your 2023 tax bill when you file your taxes in 2024. You will be able to claim 30% of your project’s cost, up to $1,200 per year.

For example, if you decide to upgrade your insulation or install a new solar attic fan this year, save your documentation and your receipts from the project and you will be able to enter those amounts into your tax documents, which will reduce your tax bill and contribute to your refund. The best part about it is that this credit will be available for a few years, so you can do one project this year and then stack them year after year to save money while also making your home as efficient as possible.

What Project Is the Best Choice For Me?

This tax credit is geared towards energy-efficient upgrades, so the more efficient the upgrade is, the more money you will save over the lifetime of the project. That being said, we can help determine what is a good fit for your home’s needs. We can come out and perform a free insulation evaluation that will determine if you have any air leaks or an inefficient airflow throughout your home.

We can help you understand more about the Energy Efficient Home Improvement Tax Credit. Contact us today!