If your home improvement goals include a new roof, more efficient heating system or better insulation, you have until December 31st to make use of Uncle Sam’s help. The federal energy-efficiency tax credits for these types of projects could run out at the end of the year. It might be a squeeze to get it done but with upwards of $1,500 available, it’s worth a try.
- Tax Credit: 30% of cost up to $1,500
- Biomass stoves
- Heating, ventilation, and air conditioning (HVAC)
- Water heaters
- Windows and doors
For more extensive projects that involve reworking the way your home consumes energy, tax credits are available until the end of 2016. If you’re looking to get off the grid by implementing renewable energy systems like solar, Uncle Sam can rebate up to 30 percent of the total cost. Tax Credit: 30% of cost with no upper limit
- Geothermal heat pump
- Small wind turbine
- Solar energy systems
The best part about this deal is that energy-efficient projects continue to save you money long after the tax rebate comes in. The average U.S. household spends $1,400 each year on their energy bills, according to ENERGY STAR. By choosing energy-efficient products, each household could cut this by 30 percent, saving more than $400 each year.