Bigger Tax Refund: What You Should Know About the Green Energy Tax Credits?

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This year 2024, you will be excited if you get some of your money back if you invest in an energy-efficient home enhancement in 2023.

 

What are the two main Tax Credits for home energy efficient improvements?

Green Energy Tax Credits
Bigger Tax Refund: What You Should Know About the Green Energy Tax Credits? (Photo: Google)

 

  • The Energy-Efficient Home Improvement Credit

Also known as the non-occupational energy property credit. Energy Efficient Home Improvement Credit is now supplying taxpayers 30% back with limits for the installation of assured Energy Star-certified devices or other energy improvements like new insulations, windows, and doors.

  • The Residential Clean Energy Credit

You’ll get a 30% tax break for expenses related to the qualified improvements that use alternative power like solar, wind, geothermal, or biomass energy. Also, water heaters, heat pumps, biomass stoves, and biomass boilers have a completely separate credit limit of $2,000.

Solar electricity, water heating, wind turbines, heat pumps, biomass fuels, and fuel cells are all alternative sources of energy that can be used to power homes and businesses. According to CNET.

 

READ ALSO: Frequently asked questions about energy-efficient home improvements and residential clean energy property credits

Claiming Energy Efficiency Tax Credits on 2023 Taxes

Best tax software will help recognize all of your tax credits with questions and answers process. If the return is complete without answering questions about home improvement be sure to search for those credits.

READ ALSO: Where’s My Tax Refund 2024? How to Track Your Money

 

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