Tax Credits 2017
Homeowners who implement energy-saving home improvements in 2017 may qualify for federal and state tax credits. There are also a wide variety of rebates available to help offset the costs. Homeowners can save money and energy while improving their home’s comfort level, by implementing energy-efficient home improvements. Today’s technology also allows homeowners options to use green power for their home to reduce their consumption of energy and minimize their carbon footprint. Energy efficiency and green power are two ways to go green in your home, and there are many financial incentives to do so this year.
2017 FEDERAL TAX CREDITS
Tax credits for Solar Energy Systems are available at 30% through December 31, 2019.
The credit decreases to 26% for tax year 2020; drops to 22% for tax year 2021 then expires December 31, 2021)
Solar Water Heaters
Solar water heaters come in a wide variety of designs, all including a collector and storage tank, and all using the sun’s thermal energy to heat water. Solar water heaters are typically described according to the type of collector and the circulation system.
At least half of the energy generated by the “qualifying property” must come from the sun. The system must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed.
Note: The credit is not available for expenses for swimming pools or hot tubs. The water must be used in the dwelling.
Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electical code requirements.
Tax Credit includes installation costs.
Solar Panels (Photovoltaic Systems)
Solar Panels or Photovoltaic Systems are solar cells that capture light energy from the sun and convert it directly into electricity.
Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirements.
2017 Massachusetts Residential Property Credits
Solar Wind and Energy Credit (Renewable Energy Source Property): equipment which uses or transmits solar or wind energy to heat, cool, or provide hot water for a principal residence in Massachusetts. 15% up to $1000.
Lead Paint Removal: $1500 for full compliance, 50% up to $500 credit for interim control,
Repair or Replacement of Failed Cesspool or Septic System Credit (Title V): $1500 ~ MA Residents Only. Homeowners may claim up to $6,000 in tax credits for septic upgrades on primary residence. The credit cannot exceed $1,500 in any year and may be spread out over 4 years. Tax Form Schedule SC is the correct form for the tax credits.
For more information and details contact the MA Dept. of Revenue (800) 392-6089 or visit www.mass.gov.dor
GasNetworks offers a variety of energy efficiency programs designed to help customers in Massachusetts reduce their energy consumption, lower their energy bills, and ultimately help the environment.
Apply for rebates here:
Hundreds of dollars in rebates are available to help offset the costs of energy efficient home improvements such as high efficiency furnaces, water heaters, air conditioning equipment, refrigerators and freezers. Heating equipment is often the largest energy user in a home on Cape Cod. By replacing an old furnace or boiler with new high-efficiency heating equipment, you can save up to 30% of your heating energy use. And if your air conditioning system is more than 10 years old, you could save up to 50% on your utility bill for cooling, and will be able to recoup the cost in just a few years.
To learn more about the best type of heating or cooling system for your home, we recommend speaking with a licensed plumbing or heating contractor. Get a free quote through this website!
Free Home Energy Assessments from MASS SAVE
CALL (866) 527-7283
Homeowners may be eligible for a no-cost home energy assessment. An energy expert will look at your home from roof to basement and identify where energy efficiency improvements can be made to reduce energy costs and improve your home’s performance. You could receive a 75% rebate up to $2,000 to complete recommended energy efficiency improvements, and may qualify for free CFL bulbs, low-flow shower head and faucet aerators, and air sealing plus many other rebates.