Since so many of our clients and end-users appreciate energy conservation and green building materials, we wanted to pass along some information about a tax credit that was put back into place this year. The tax credit for residential energy efficiency improvements is back.
Retroactive Tax Credit
Actually, it’s even retroactive, so you’re allowed to amend earlier returns from years when the tax credit wasn’t previously in place and claim the tax credit for that year. It’s available for energy efficiency improvements made to a primary residence between January 1, 2011 and December 31, 2018.
Residential Energy Credits
The tax credit is worth a maximum of $500 for all years combined. To apply for the tax credit, use IRS Tax Form 5695. If your purchase made made in previous years, simply amend your previous tax return to apply for your credit.
Energy Efficiency Improvements
Not all improvements qualify. You’ll need to contact the manufacturer to verify and get a certificate of qualification. Some improvements that may qualify include installation of energy-efficient doors, energy-efficient windows, Energy Star certified water heaters, biomass stoves, ductless mini-splits, geothermal heat pumps, solar arrays, wind turbines and fuel cells.
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