With winter fall and winter around the corner, much of the country will be looking at rougher weather as cold approaches and a real test of their home’s energy efficiency. Generally, costs of living rise and new problems are discovered, with everything from the weight of leaves exposing roof leaks to frigid winds exposing airflow issues. This is why it’s an important time to look into efficiency upgrades, and as the new article on the Equifax Finance Blog points out, you can enjoy savings on taxes and monthly utilities by choosing the right upgrades.
If you are looking for strictly efficiency upgrades, you can save up to $500 before the end of this year on replacing insulation, roofing and doors, or adding double-paned windows that meet specific energy standards and be accompanied by the manufacturer’s credit certification statement. You can receive a credit for 10 percent of the cost of the upgrades, up to the $500 limit. In other words, if you spend $5,000 on improvements, you can get $500 back with the Non-Business Energy Property Credit.
If you have bigger projects in mind, you can save more – up to 30 percent – on power systems that are environmentally-friendly. So if you are looking at installing a solar water heater, solar electric harvesters, wind turbines, geothermal equipment or similar modifications to your home, the Residential Energy Efficient Property Credit is for you. This one ends in 2016, so you have a little more time to take advantage of it and plan accordingly.
For more ways to save on taxes, take advantage of ways to improve with green building and avoid identity theft, check the Equifax Finance Blog!