Want to enhance your home’s energy efficiency while saving money? We have great news for you. The federal government is offering tax credits for families who upgrade to energy-efficient windows and doors.
By taking advantage of this incentive, you can reduce your carbon footprint and enjoy continued savings on your energy expenses.
The Inflation Reduction Act, signed into law in August 2022, makes it possible to invest in energy-efficient window upgrades for your home. The available tax credits will save you a bundle and allow you to enjoy greater comfort and energy efficiency year after year.
Navigating through the tax credit process can be challenging. That’s why we’ve put together this guide to help you understand the requirements and make the most of this opportunity.
Homeowners can claim total energy-efficient window tax credits of up to $3,200 in one year. However, there are limits for each upgrade. For windows, the limit is $600 or 30% of the project if it costs less than $600. This leaves you an additional $2,600 in credits that can be applied toward a new furnace, heat pump, doors*, etc.
Naturally, most window replacements cost more than this limit. However, upgrading your windows can save you $1,000 or more per year on your utility bills, making it an investment that will pay off well in the long term.
There’s no shortage of windows to choose from and there are many window styles that offer exceptional energy efficiency, including:
*Homeowners can claim tax credits of up to $500 for doors.
It’s important to note that not all windows and doors qualify for the tax credit. ENERGY STAR® has a list of brands that meet the “Most Efficient” rating, so be informed before choosing what windows to go with!
You can claim the tax credit on next year’s taxes. The credit can only be claimed in the year the windows are installed, not the year they were purchased. To claim the credit, you must file IRS Form 5695 Residential Energy Credits.
The team at Quality Window & Door specializes in energy-efficient windows and will help you select the best choice for your home. We’ll also help you choose qualifying windows and provide all the information you need to claim the tax credit so you can keep more money in your wallet.
Contact Quality Window & Door to speak with our window specialists about your needs and schedule an appointment in Washington, DC, Maryland, or Northern Virginia.
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