Energy tax credits have been around for a while, but thanks to the Inflation Reduction Act, you can now save even more.
The new Energy Efficient Home Improvement Credit is available to homeowners in the United States as an incentive to encourage the use of renewable energy sources.
This credit can help offset the cost of installing clean energy systems in homes and businesses.
The Inflation Reduction Act increased the tax credit percentage for installing some energy-efficient equipment. For example, you can now receive 30 percent of the cost of installing insulation, energy-efficient windows and doors and more.
New energy tax credits cover part of the cost of home battery storage and electrical panel upgrades. Also new in 2023 is a tax credit for having a home energy audit.
Review the table below or go to whitehouse.gov/cleanenergy to see everything included in the new energy tax credits.
Homeowners who purchase energy and other efficient appliances and products can take advantage of these clean energy tax credits.
To claim them, homeowners must file their taxes using IRS Form 5695 and provide proof of the purchase, like invoices and receipts.
You can claim the same or varying credits year after year with new products purchased. However, some credits have an annual limit, so check the table above to make sure you don’t go over.
Additionally, these credits may have limits and expiration dates, so it’s best to check with the relevant tax authorities for the most updated information.
For more information, read the Frequently asked questions about energy-efficient home improvements and residential clean energy property credits.
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