Tracy’s Tax Tips: Energy Credits

February 22, 2014 by  
Filed under Solar Energy Tips

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Going green to save some green! Becoming more energy-efficient at home could save you some money come tax season.

FOX Business Network’s Tracy Byrnes reports in “Tracy’s Tax Tips”:

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Well since going green is the new black, it’s good news that the energy credits are still around.

I’m Tracy Byrnes with the FOX Business Network, here with Tracy’s Tax Tips.

So, if you made energy efficient improvements on your home, Uncle Sam says thank you — that means things like installing an energy-saving heater or more efficient windows. You can actually qualify you for an energy credit of 10% of the price — or $500, whichever is the max.

Unfortunately there are these strange dollar limits on the exact eco-friendly home improvements you can make. For instance, you can only get a $200 credit for windows, a $50 credit for any advanced main air circulating fans, $150 for qualified natural gas, propane, or oil furnace, hot water boilers — things like that, and a $300 credit for any item of energy-efficient building property.

And there are these credits for solar panels. And the rules are a bit bizarre too so be sure to check the IRS website for all the nitty-gritty details.

I’m Tracy Byrnes Fox News Radio.

CLICK HERE for more of Tracy’s Tax Tips.

Follow Tracy on Twitter: @tracybyrnes

 

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