By Audrey Ference | Feb 27, 2017
You’ve no doubt heard that solar panels, insulation, and other energy-efficient upgrades can help curb your electric bills—but did you know these renovations can help save you money at tax time, too? That’s right, Uncle Sam likes to reward eco-conscious Americans by showering them with 2016 energy tax credits. So what are they, and how do they work?
Allow us to break it down. For starters, the green upgrades below all qualify as tax credits. Unlike tax deductions, which pare down your taxable income, tax credits directly reduce how much money you pay. In other words: A $300 tax credit means you save $300, plain and simple. So save those receipts!
Here are some tax credits you might qualify for if you added some energy-efficient or energy-producing systems to your home in 2016. But if you missed out last year, some (or perhaps all) of these tax credits could stick around for 2017 and beyond. In other words, it’s time to get cracking!
For more information, click here.