There are significant “Renewable Energy Tax Credits” for 30% of the costs of major energy installations. These credits are unlimited, and include labor on installation for the following:
- Solar Water Heaters
- Solar Panels
Geothermal Heat Pumps
Small Wind Turbines
The 30% credits decline through 2021, and are as follows:
- 2017: 30%
- 2018: 30%
- 2019: 30%
- 2020: 26%
- 2021: 22%
The installations must be installed in a home you own and use as a residence (no rentals, but second homes qualify).
Federal tax credits available for high efficient furnace and air conditioners:
Tax Credit: 10% of cost up to $500 or a specific amount from $50-$300.
Expires: December 31, 2020
Details: Must be an existing home & your principal residence. New construction and rentals do not apply.