Whether you’ve already filed your annual income taxes, got an extension or have alread y received the cash back from your return, it’s never too late (or early) to think about credits due from Uncle Sam, especially those related to energy improvements and similar expenses. HomeSelfe, makers of a free, energy-saving app that audits your home for ways it could be squandering these types of valuable resources and expenses, has a number of different ways being more eco-friendly could add more money to your yearly tax return.
Weighing Options And Rewards
When we think about saving money on rising utility costs, often these options seem endless and sometimes expensive. For example, one of the biggest trends in lowering our monthly utility costs is by investing in solar energy, but can we really afford this type of a major remodel? The ROI for this type of an addition is certainly worth consideration, but there’s also less expensive, easier ways to get some attention from the government when it comes to reducing our carbon footprint and walking along a more energy-friendly path with Mother Earth.
Majors And Minors
Fortunately, there are ways we may be able to make some minor changes or improvements to our household that could add some long-lasting rewards to the environment and put some quick cash back into our wallets from available tax credits when our return is due. For example, although wind turbines, geothermal heat pumps and other elaborate investments will pay off, so will:
- Adding more insulation to attics, walls and crawlspaces
- Sealing doors and windows more efficiently
- Replacing or installing new windows, doors or skylights
Check out this infographic from HomeSelfe that explains in more simplistic terms how expensive additions like solar panels may qualify you for a Residential Energy Efficient Property Credit. But at the same time, minor changes like installing newer Energy Star ® appliances could provide you with better living conditions, add a little more bang to your energy buck and provide you with some greener tax credits … for you, your house and your wallet.