Heating, cooling, and powering a home can certainly be expensive. With ever-increasing energy costs, you may be looking for ways to save money. Investing in energy-efficient home remodeling is a great way of reducing your monthly utility bill, while also contributing to a greener future. Fortunately for you, there are even tax incentives available to help reduce the financial burden.
The Inflation Reduction Act was signed into effect in 2022, and it has serious advantages for homeowners. While the bill includes a wide variety of economy-stimulating clauses, the energy-efficient tax credits it outlines are particularly impressive. If you’ve been considering upgrading your home with new appliances or exterior remodeling services, there has never been a better time.
Key Features of the Inflation Reduction Action
Due to the Inflation Reduction Act, there is now a massive incentive to upgrade your home’s energy efficiency. Luckily, this act provides a variety of ways to do so and offers impressive tax incentives that can be enjoyed year after year. Starting at the end of 2023 and going all the way to 2032, numerous different installations will be eligible to receive a tax credit. Some of the most common include insulated energy-efficient siding installations, window and door installations, and roofing. The best part of this bill is that you can receive the maximum benefit every year by continuously investing.
The main highlights of the act are as follows:
- You’ll be eligible to receive up to $3,200 in tax credits every year. $1,200 of this is for standard home improvements, whereas $2,000 is specifically for upgrades like water pumps and biomass stoves.
- 30% of the total labor and material costs of an installation are eligible for a tax credit. Certain projects have a maximum credit amount.
- Improvements must meet certain requirements, like Energy Star standards, Energy Conservation Code standards, and the Consortium for Energy Efficiency’s highest tier of thermal efficiency.
Browse the Qualifying Home Improvement Services at HX Home Solutions
When it comes to eligible home remodeling services, HX Home Solutions has an extensive selection of installations for you to invest in. We have been the trusted remodelers in Greater Chicagoland since 1950 and have tailored our work to meet the unique needs of our residential customers.
Whether you need roofing and siding, windows and doors, decking, bathrooms, or our additional services, we’re the team to call. We are proudly accredited by the Better Business Bureau with an A+ rating and offer a 5-year labor warranty on all our craftsmanship. Start planning your energy-efficient installation with us today and give us a call to receive a free quote.