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February 17, 2021
Question

Energy Saving home improvements

  • February 17, 2021
  • 1 reply
  • 0 views

I installed a mini split home air-conditioner/heater with a heat pump. Does this qualify for a tax credit? 

    1 reply

    ColeenD3
    February 17, 2021

    You will have to determine if it fits into one of these categories.

     

    What improvements qualify for the residential energy property credit for homeowners? In 2018, 2019 and 2020, an individual may claim a credit for (1) 10 percent of the cost of qualified energy efficiency improvements and (2) the amount of the residential energy property expenditures paid or incurred by the taxpayer during the taxable year (subject to the overall credit limit of $500).

    Qualified energy efficiency improvements include the following qualifying products:

    • Energy-efficient exterior windows, doors and skylights
    • Roofs (metal and asphalt) and roof products
    • Insulation

    Residential energy property expenditures include the following qualifying products:

    • Energy-efficient heating and air conditioning systems
    • Water heaters (natural gas, propane or oil)
    • Biomass stoves

    Please note that qualifying property must meet the applicable standards in the law.

     

    for more information, please see this LINK for more information.