Could Your New Green Life Save You Money on Your Taxes?
There are many reasons that it’s worth it to upgrade your home’s appliances, plumbing, and heating and cooling system to greener alternatives. You already know that it can save you money in the long run, that it’s a responsible choice for our environment, and that it can increase the value of your home. But did you know that something as simple as installing a solar water heater could result in significant tax rebates?
To learn more about possible rebates, please read on. If you have questions, reach out to The Stanley Louis Company at 800-217-6527. We aren’t experts on taxes but we do know our way around water heaters, boilers, pool heaters, and solar water heaters. We can help you assess your options and give you information about the tax rebates that could work for you.
A credit for electric and solar water heating has been extended
Have you heard of the Residential Energy Efficiency Tax Credit? What about the Residential Renewable Energy Tax Credit that’s part of the Consolidated Appropriations Act? If that all sounds like gibberish to you, don’t worry – it’s actually rather simple.
What this means is that the 30% tax credit that’s been available for solar electric and water heating systems was set to expire but now it’s running through 2019. It will actually continue for two years past that into 2021, but starting in 2019 it will gradually decrease year by year. As of right now, if you make a change in 2017, you could claim 30% of the cost of the product and installation.
A number of products are eligible for tax credits
There are actually quite a few products that qualify for the tax credit. Some are major, like building envelope improvements and adding eco-friendly insulation materials and systems. Changing out exterior doors and windows (which includes skylights) is also covered, as is adding a pigmented roof that’s designed to lower heat gain, or an asphalt roof that has cooling granules.
Most heating, cooling, and water heating equipment is covered, advanced main air circulating fans are covered, and other water heaters, whether natural gas, oil, or propane, may be included as well. Boilers are included, including natural gas, oil furnace, and propane, and electric heat pumps and pump water heaters are included. Some central A/C are covered too.
There are other requirements that must be met to get the credit
While the list above is the general products, machines, and equipment that are eligible for the credit, note that the things you want to claim for your credit must meet other conditions. They vary based on what you’re adding. At The Stanley Louis Company, we can help you make sense of some of them.
If you’re planning to a make a change on your boiler, water heater, or pool heater then we recommend you reach out to us at 800-217-6527 before you make your final decision. After all, who wouldn’t like to receive 30% off something they need to purchase anyway?
