2016’s “Green” Tax Credits for Homeowners

Published On: March 3, 2017|Categories: Blog, Taxes|Tags: , , |

2016 Green Tax Credits for Tampa Bay Homeowners

If you made “green” improvements to your home last year, you could be in line for some decent tax breaks from the federal government.

Please note that this isn’t tax advice; we’re Realtors®, not tax professionals. If you have questions about whether you qualify for green energy tax breaks or any other questions relating to taxes, you should talk with a qualified tax professional.

What Green Tax Credits Are Available for 2016?

Nonbusiness energy property credits apply to your primary home if it was built before January 1, 2016. There’s a lifetime cap of $500 on these types of tax credits, though; you can’t keep upgrading and claiming the benefits from scratch.

You may be eligible for a credit if you have installed:

  • A biomass stove
  • A central air conditioning unit
  • An air source heat pump
  • An energy-efficient, nonsolar, tankless water heater
  • A hot water boiler
  • A furnace
  • Insulation
  • A new roof
  • New doors
  • Energy-efficient windows or skylights

You could get a credit for energy-generating upgrades, too. You may qualify if you installed:

  • Small wind turbines
  • Solar water heaters that aren’t used for pools or hot tubs
  • Solar panels
  • Geothermal heat pumps
  • Fuel cells

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