There’s good news for homeowners concerned about rising energy costs. You can save hundreds of dollars in taxes, and even more in lower power bills, by taking steps to reduce the amount of energy you use at home.
The Energy Tax Incentives Act of 2005 provides federal income tax credits for installing equipment upgrades, including qualifying energy-efficient exterior doors, windows and skylights. According to David Westbrook, a Charlotte, North Carolina, CPA and CFP™ (Certified Financial Planner), the regulations are quite specific but researching and purchasing qualifying products can be worth the effort for the tax breaks, not to mention ongoing energy bill savings.
“Residential tax credits, which are dollar-for-dollar reductions in your federal income tax, can be realized for heat pumps, central air conditioners, water heaters, furnaces or boilers and even insulation improvements such as sealing ducts,” Westbrook says. “Exterior doors, windows and skylights also qualify,” he says. He advises homeowners to do their homework prior to making purchases or improvements to be sure that specific government guidelines are met and the...
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