Homeowners who implement energy-saving home improvements 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.
Tax credits for residential renewable energy products are still available through December 31, 2023. Renewable energy tax credits for fuel cells, small wind turbines, and geothermal heat pumps and solar energy systems now feature a gradual step down in the credit value. These credits apply to new construction, existing homes, primary and secondary residences, but not rentals.
30% for systems placed in service by 12/31/2019
26% for systems placed in service after 12/31/2019 and before 01/01/2023
22% for systems placed in service after 12/31/2022 and before 01/01/2024
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
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, windows, smart thermostats, refrigerators and freezers. And in addition to rebates these improvements can lower your utility bills. 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.