Home improvements that can lower your energy bill [Video]
Posted on Monday, March 14, 2016 at 11:12:04 AM
Tax season has arrived in full force and homeowners around the country are surrounded by paperwork and bills, wondering how they can make it all go away. Unfortunately there's no instant cure for the tax situation. But there are reliable ways of reducing mounting energy costs. Certain types of home renovations, for instance, can make a big difference.
The right energy efficient home improvements could qualify for tax credits and deductions, which significantly lower the cost of both the renovations themselves and your future energy bills. According to Realtor.com, these improvements are ones to keep in mind come tax time:
Alternative energy generators - things like solar electric systems, solar water heaters and wind turbines - qualify for tax credits under the Residential Energy Efficient Property Credit. Homeowners can receive up to 30 percent off the cost of purchase and instillation. While these additions are pricey, they pay for themselves over time and significantly increase property value.
If wind turbines sound like a bit much, there are plenty of smaller, less expensive improvements to be made. Energy Star-rated home insulation, windows and doors qualify for tax credits of up to $500. These credits are easy to obtain and don't require homeowners to shell out thousands of dollars. Not only do they save money, they also boost a home's energy efficiency and resale value.