Save On Taxes By Making Your Home Energy Efficient
Investing in renewable technologies to make your home more energy efficient can lead to big tax savings. There are federal tax credits available to homeowners who install geothermal, solar, or other alternative energy sources to power their property. Discover the details of each:
Energy Storage – Using a system that stores energy is a great way to use energy on demand. By housing your energy, you are not wasting it when not in use.
Geothermal Heat Pumps – Imagine sourcing the ground for your heat. A geothermal heat pump is a HVAC system that uses the ground to send heat to or from the earth!
Small Wind-Energy Property – If you’ve been to Europe or driven in any Midwestern state, you’ve likely seen huge windmills that are providing energy to big corporations. Fortunately, there is small-wind energy equipment available for homeowners to save on our energy bill, as well.
Solar Water-Heating Property – By the time the sun’s heat reaches Earth’s atmosphere, we are receiving 1,370 watts of energy per square meter. Solar water-heating equipment captures the sun’s heat to warm the water that your family uses daily.
Solar-Electric Property – When you install equipment that decreases electric costs and taps into solar energy, your property becomes more eco-friendly; thus, improving your energy costs and the environment in which you live.
Not only will you get an energy tax credit for simply having one (or all) of these energy-efficient systems, but you can write off associated costs such as labor, installation, parts, and wiring. Your experienced real estate attorney, Matthew Myers, can help you qualify for a federal tax credit of up to 30% of the expenditures. Homeowners and business owners alike can take steps toward this money-saving opportunity.