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Green Tax Benefits

Tax Updates and Benefits For Going Green

Going green can save you some green during tax time. If you are attempting to improve the environment or just cut the cost of your personal energy use, then tax law may provide a benefit for your good citizenship. There are many tax changes that have been implemented, so read on to find out what credits you're still eligible for:

Nonbusiness Energy Property Credit

If you installed an energy-saving property to your home, you can claim a 10 percent tax credit. This includes insulation, windows, doors, and roofs. This credit has a maximum lifetime limit of $500, so if you've already installed and claimed $500 worth, you cannot claim again. You can only use up to $200 toward windows, and you can only use it on your main home, which should be located in the US. Make sure you check the manufacturer's credit certification statement to see if your home improvement qualifies, because not every upgrade makes the cut.

Residential Energy-Efficient Property Credit

Available through 2016, this tax credit enables homeowners to get back 30 percent of the cost of alternative energy equipment that they installed in or on any of their homes in America. Equipments that qualify include wind turbines, solar hot-water heaters, and solar-powered electric equipment. In general, there isn't a cap on the amount of credit you can receive, but only the amount that equals the tax you owe can be used in a given year. The unused portion can be carried forward to next year's tax bill.

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