New Chicago real estate owners can enjoy some big tax benefits by giving their homes upgrades, and in doing so now can also make for a more comfortable rest of the year – after all, winter is coming. Energy efficient tax rebates are a great win-win offered by the federal government, as you save on materials on your taxes and save every month with lower energy costs.
For instance, the Non-Business Energy Property Credit has up to $500 once a lifetime for energy efficient upgrades. This includes replacing insulation, roofing and doors, or adding double-paned windows. This credit gives 10% back on what you spent as long as it meets specific energy standards and be accompanied by the manufacturer’s credit certification statement. There’s a real reason to step up on this one in addition to wanting to get it in before winter: the credit expires at the end of this year. Now is the time to leap on this one!
Another important tax break on bigger projects, and offers up to 30 percent off on solar hot water heaters, solar electric equipment, wind turbines, and more. These are big budget items, so the tax rebate may go over your tax liability and carry over to future years. This credit is around a while longer, and expires in 2016.
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