Are you looking for some helpful ways to reduce your energy consumption and cut back on your utility bills? You may want to consider one of the best money saving and energy saving solutions by properly insulating your home. Increasing energy usage and energy costs in your home can be burden to your bank account, but adding the right type of insulation can make a world of difference. One crucial benefit of home insulation can be especially helpful to you and your wallet during tax season.
To add insulation to your living space, can possibly save you a significant amount of money in the long run, and can also make your home more energy efficient. This not only prevents heat loss and cold air leaks from happening in your home, but adding insulation is also a long term investment that won't hurt your savings account.
Not to mention, with the institution of energy-efficient tax credits, you now have another great reason to get the insulation work done. Getting your home insulation installed properly is important, but so is knowing how to properly claim your energy efficient insulation tax credits.
In 2010, Congress put into effect substantial tax credits of 30% of the purchase price with a limit of $1,500 for homeowners who make qualified energy-efficient improvements on their home. While these breaks have more recently been reduced to just a mere 10% of the purchase price (up to $500) now, there is still an abundance of ways in which you can find effective cuts on your future tax bill.
Specifically, by ensuring that your home improvements match up to energy efficiency standards, you may be able to greatly benefit during tax time.
The energy efficiency tax credit can be one of the best incentives for homeowners in order to significantly reduce your home insulation costs. It is a commonly known fact that adding insulation to a home can save you money over the long run, but there is still the initial cost of both product and installation to consider.
To help make your energy efficient insulation choices more affordable, there is a great opportunity to save your hard earned money with claiming insulation tax credits. These tax credits are a great way to assist you with cost reductions on insulation improvements.Here are a few pointers listed below for you to quickly and easily understand what the requirements are in claiming insulation tax credits.
It is also important to be aware that the tax credits are non-refundable. Thus, you cannot come in for a refund check against the balance credit that remains unused after deducting the taxes due. In other words, your savings will not be able to exceed the amount of tax you owe.
For example, if you happen to be eligible for a tax credit of $500, and the specific amount in taxes you owe is only $400—the excess amount of $100 is nonrefundable.
Insulation tax credits are a great incentive and a positive step in the right direction to help you lower your future energy consumption. These energy efficient tax credit credits are exceptionally beneficial if you have already completed or are planning to start an upcoming insulation project.
If your home's insulation lacks strength and power, now is the best time ever to contact Virginia Foam Insulators for an insulation installation. Not only could you be eligible to be awarded a tax credit, but you may be able to save a significant amount of money on your future utility bills. Insulation is a sound investment for the safety and well-being of your home and family.