Tax time: Don’t forget home energy deductions
Mar 3, 2016, 10:40 AM | Updated: Oct 10, 2024, 2:16 pm
If you have begun to work on your 2015 tax return, don’t forget deductions for home improvements.
Homeselfe, a home energy assessment app and web service for homeowners, recently released a list of several significant tax credits available to those who made energy efficiency upgrades to their homes in the 2015 tax year.
“If you upgraded your home in 2015 by adding insulation, one of the most cost-effective upgrades you can make, you already know you are saving on your utility bills every month plus you may be eligible for a tax credit on that investment,” said Ameeta Jain, co-founder and spokesperson of Homeselfe.
The company says homeowners can earn up to $500 on their return by taking into account small upgrades made last year, including:
- Heating, ventilation, and air conditioning
- Advanced main air-circulating fans (tax credit amount of $50)
- Insulation (10 percent of the cost, up to $500)
- Roofs (metal and asphalt)
- Water heaters (non-solar earns a tax credit of $300)
- Windows, doors and skylights (tax credit amount is 10 percent of the cost excluding labor)
Homeselfe includes flowcharts and other information to help homeowners determine whether they qualify for energy-related tax credits.
“Not taking advantage of that is throwing away your hard-earned cash,” Jain said. “We want to empower families to receive the maximum refund allowed on their tax returns by providing them insight into the energy credits that are available.”
