Energy Efficiency Home Tax Credits
The Energy Policy Act of 2005 specifies federal tax credits for homeowner who make energy efficiency upgrades to their home or condo. Consumers employing energy efficient products in their homes enjoy multiple benefits. At home, these benefits include lower home energy bills, increased indoor comfort and reduced air pollution.
The energy-efficient products eligible for federal tax credits lower the amount of federal income taxes that these taxpayers must pay the IRS. However, consumers don’t receive an income tax credit when the product is bought, like an instant rebate. Rather, those purchasing certain energy related items can claim the credit on their federal income tax form at the end of the year. The credit then increases the tax refund received or decreases the amount of tax owed.
For more information on energy tax credits, click here.
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