Tax credits and rebates homeowners should know about
When investing in new insulation or renovation, you should know about the tax credits and rebates you may qualify to use.
Energy efficiency is a sweeping trend, as it assists in lowering greenhouse gas emissions and other pollutants. Additionally, it can lower utility bills and send tax rebates and credits your way.
In terms of energy efficiency, many are already familiar with the likes of compact fluorescent light bulbs and changes in appliances and electronics with renewed focus on the energy its expends. However, insulation also functions as an integral component in energy efficiency.
When investing in new insulation or renovation, you should know about the tax credits and rebates you may qualify to use. These credits are offered through most energy suppliers, such as Consumers Energy and DTE Energy.
For Consumers Energy, a residential natural gas or electric customer is capable of receiving cash back up to $400 for insulation. This covers the roof, above grade wall, basement wall, crawlspace, and rim joist.
Those with DTE Energy as their provider, may also be eligible for insulation rebates that cover: attic, ceiling, above grade wall, kneewall, rim and band joist, basement wall, crawlspace and floor. Funding for the rebates is under a first-come, first-serve basis for single-family homes built before 2008.
Additionally, there are tax credits available via Energy Star, a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy. Homes that meet Energy Star guidelines are at least 15 percent more energy efficient, which saves money on utility bills. While not all Energy Star certified products qualify for a tax credit, it’s definitely something worth looking into when undergoing insulation implementation or some other renovation.
We help you get your tax credits!
Home ownership means managing a full lot of knowledge. Since it's easy to be unaware of available credits for new home installations, at RetroFoam, we’ve inserted tax credit tutorials as part of our business.
"When the work is complete, we have a packet full of tax credit applications for the purchaser," said Mark Massey, President of RetroFoam. "It applies to your area and contains fully detailed instructions. Our goal is to make the process as painless as possible."
We encourage homeowners to stay informed about insulation tax credits and other similar credits. Energystar.gov has an abundance of information about credits you could be capitalizing on by staying up to date.
For those who added new insulation before December 31, 2014 and still have yet to file taxes, there is an Energy Star federal tax credit of 10 percent of the cost up to $500. To apply for the credit, a 2014 version of IRS Form 5695 must be submitted by April 15, 2015. On the 1040 form, you enter this tax credit from Form 5695 (the residential energy tax credit) on line 53. Make sure to save your receipts and the Manufacturer's Certification Statement for your records.
Becoming energy efficient is a sound investment, as you receive rebates back from the installation cost while saving on energy bills for years to come. Learn more about what insulation can do for you by contacting us at 866-900-3626.