February 2018, the Bipartisan Budget Act of 2018 was passed.
Under the Bipartisan Budget Act of 2018, (The Act), which was signed in February 2018, a number of tax credits for residential energy efficiency programs that had expired at the end of 2016 were renewed. Tax credits for non-business energy property are now available retroactive to purchases made through December 31, 2017. Tax credits for all residential renewable energy products have been extended through December 31, 2021, and feature a gradual step down in the credit value.
The credit applies to energy efficiency improvements in the building envelope of existing homes. In order for homeowners to qualify for the tax credit the home must be in the United States and serve as the taxpayer’s primary residence.
Consumers alike may find financial assistance for energy efficient purchases and improvements in the form of incentives such as tax credits or rebates, and through energy-efficient financing. Visit the following sections to search for incentives in your area and to learn more about financing options. See below at the Department of Energy’s site:
The Department of Energy reports that 80% of homes built before 1980 are under insulated. With the passage of The Act, please consult to get all the facts first.
Please consult with your tax advisor for more information or contact an insulation expert to help determine what your options are today!