Tax credits are a great way to save money during a home renovation or update. There are both energy tax credits and solar energy tax credits for homeowners’ primary residence. Tax credits apply to the entire project, including labor, preparing a new opening, or removing any object.
Note that the you can only qualify for the tax credits we detail below if you have not already previously claimed them.
Solar Energy Tax Credit
Federal tax law provides a 26% tax credit to the following solar power energy qualifying products:
- Solar powered fresh air skylights
- Skylights with go solar
- Residential rigid sun tunnel with the solar night light
- Solar powered blinds
It is good to note that there is no limit to this credit! If you need to replace or install multiple skylights, the entire amount spent qualifies for 26% tax credit. Velux provides a helpful calculator to figure out what tax credit your project qualifies for! To qualify, all projects have to be purchased and installed by December 2021.
Energy Tax Credit
Energy tax credit is available for windows, doors, certain roofing materials, siding insulation, and more. The available credits are 10% of the project cost-up to:
- $500 for qualifying doors
- $200 for qualifying windows
- $200 for qualifying non-solar skylights
To qualify, all projects have to be purchased and installed by December 2020.
Interested In Claiming Your Tax Credit?
There’s still time to take advantage of these tax credits! Contact Milanese Remodeling to start planning your dream project and to learn more about available tax credits.