2017 home efficiency upgrades tax credit

April 6, 2018

Great news for those who chose 2017 as the year to make their home more efficient with Renew Financial: the federal government may reward that decision with a tax credit! According to Forbes, homeowners may receive a tax credit (dollar-for-dollar reduction of your tax bill) for making efficiency home upgrades. This tax credit may apply to many of the home improvements that Renew Financial finances: Insulation, heating and air conditioning, energy efficient roofs, exterior doors, and exterior windows.

There are a few things that may be helpful when seeking this tax credit. The credit applies to the materials for the upgrade, not labor, so you or your accountant will want to make sure you have itemized receipts from your contractor showing the cost of the eligible materials. Also, the amount of tax credit available may vary by which type of upgrade you choose. This tax credit maxes out at $500 per year, not per upgrade.

Renew Financial LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.