Search
  • Dennis Carroll

Do I get a tax credit for putting energy efficient products on my house?



Do I get a tax credit for putting energy efficient products on my house?


Yes, but only the following products:


solar electric property,

solar water heaters,

geothermal heat pumps,

and

small wind turbines.


For 2019, you'll get a tax credit on your federal income tax return equal to 30% of the money you spent on these products.


Money spent on fuel cell property is allowed a credit on the lessor of 30% or $1,000 per kilowatt capacity.


A credit is a reduction in your federal income tax. [Example: your taxable income is $150,000, a single filer's federal income tax is $30,175, a credit will reduce the $30,175 of federal income tax.]


Previous years allowed a credit for asphalt roofs, windows/doors, and insulation. These credits ended in 2018.


In 2020, the credit will lower to 26%. In 2021, the credit will lower again to 22% of the money you've spend on the above products.

© 2020 by Dennis C. Carroll, Esq.