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.
Energy-efficient Tax Credit
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.