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Are There Tax Credits or Deductions Available?

A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces taxes dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe to the government.

Federal Tax Credits (January 1, 2014 – December 31, 2016)

The federal government provides homeowners with personal tax credits they can use toward financing energy-efficient retrofits to their homes.

Tax credit or deduction availability and eligibility change on a regular basis, so it is best to consult a tax professional or accountant to learn about and understand the latest developments.

  • For a full list of the current Commercial Federal Income Tax credits, visit ENERGY.GOV.
  • For a full list of the current Residential Federal Income Tax credits, visit ENERGY STAR®.

Additional tips for acquiring federal tax credits include:

  • For tax purposes, save your receipts and the manufacturer’s certification statement.
  • Your appliances or must be placed into service by December 31, 2016.
  • Use IRS Form 5695 for residential tax credits.

State Financial Incentives

Most states offer a number of financial incentives to encourage homeowners to make their homes as energy-efficient as possible.

Some examples include:

  • Local rebate programs
  • Performance-based incentives
  • Personal tax credits
  • Utility rebate programs
  • Utility loan programs

To learn more, visit the Database of State Incentives for Renewables & Efficiency (DSIRE®).

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