What tax credits are available for energy-efficient upgrades?

What tax credits are available for energy-efficient upgrades?

There are several tax credits available for energy-efficient upgrades, including those for solar panels, energy-efficient windows, and HVAC systems. Would you like details on a specific upgrade?

Yes, tell me about the solar panel tax credit.

The solar investment tax credit (ITC) allows you to deduct 26% of the cost of installing solar panels from your federal taxes. This percentage will decrease in the coming years, so it's a great time to invest!

Are there any state-specific credits I should know about?

Yes, many states offer additional incentives for energy-efficient upgrades. It's best to check your state's energy office website for specific programs and credits.

How do I apply for these tax credits?

To apply, you'll typically need to fill out IRS Form 5695 for residential energy credits and include it with your tax return. Make sure to keep all receipts and documentation of your upgrades.