Tax Incentives
In August 2021, the Inflation Reduction Act was signed into law. This law represents many different tax incentives and rebates for homeowners and contractors who invest in upgraded heating, ventilation, and air conditioning (HVAC) systems and other appliances.
Available Now
The Inflation Reduction Act brought back the previously expired 25C Non-Business Energy Tax Credit under a new name starting January 1, 2023—the EEHIC. These new tax credits are available through 2032. Improvements made in 2022 may qualify; contact your tax professional for additional information.
Coming Soon
Part of the Inflation Reduction Act, the HEEHR outlines rebates to cover point-of-sale costs for electrifying homes in low- to moderate-income households. The intention is to help US families save money on their monthly energy bills, improve the quality of indoor air environments, and reduce their carbon emissions for sustainability.
Coming Soon
Section 50121 of the Inflation Reduction Act (IRA) offers HOMES rebates for energy efficiency upgrades that improve the overall energy performance of a single-family home (SFH) or multi-family building (MFB) through September, 2031.
Coming Soon
The 179D (EECB) tax deduction allows commercial building owners, either new or renovated, to claim tax deductions up to $5.00 per square foot for improving energy efficiency, provided that the projects meet the standards of The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE).
Coming Soon
The Residential Clean Energy Credit, tax code 25D, gives homeowners up to 30% of the cost of new, qualified clean energy property installed in new and existing homes through 2033.
Disclaimer: The advice offered here is intended as a basic guide only and not to be used as, or substituted for, professional tax preparation advice. We strongly advise you seek professional support for assistance and advise you to consult with a certified tax preparation specialist or CPA as appropriate.
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