Last tax year (2014), the federal government extended certain residential energy tax credits. They have not yet extended these credits for 2015, but we believe there is a chance Congress may do so. Thus, we’ve included some educational material to prepare you for potential energy and home improvement credits for the current year. This information can be found in greater detail in IRS Publication 17, Your Federal Income Tax.
Non-business Energy Credit
- Limited to 10% of amounts paid for certain qualified energy efficiency improvements during the year
- Lifetime tax credit limit of $500
- If you claimed the full credit in the past, you are ineligible
- If you claimed partial credit in the past, you are eligible to fill the rest of your $500 limit
- If you have not claimed the credit in the past, you are eligible for a tax credit up to $500
Qualified Energy Efficiency Improvements
Please note that each item must meet certain energy specifications (consult your tax preparer) and each item must be new (not used) or improved.
- Insulation
- Exterior windows (including skylights)
- Exterior doors
- Metal or asphalt roof coatings
- Electric heat pumps
- Electric, natural gas, or propane water heaters
- Energy efficient central air conditioners
- Furnaces – fueled by natural gas, propane, or oil
Residential Energy Efficient Property
You may also be eligible to take a tax credit of 30% of your costs of qualified solar electric property, solar water heaters, fuel cell property, small wind energy property, or geothermal heat pumps.
For additional information visit https://www.resnet.us/library/home-energy-tax-credits-2015/