There are a few updates to Tax Credits and Incentives in 2015. The reinstated 2012 HVAC tax credits (25C) for certain equipment is now expired as of 12/31/2014.
However, there are a few new incentives that homeowners should be aware of.
“Residential Renewable Energy Tax Credit”:
This is a tax incentive program provided through Energy Star for residential renewable technologies. A taxpayer may claim a credit of 30% on qualified expenditures for a system that serves as a dwelling unit owned and used as a residence by the taxpayer.
- Eligible Renewable Technologies: Solar Water heat, Geothermal Heat Pumps, Other Solar-Electric Technologies
- Amount: 30%
“Residential Energy Conservation Subsidy Exclusion (Personal)”:
This is a tax exemption program for residential solar-thermal projects and photovoltaic systems that may be non-taxable; however, the IRS has yet to rule definitively on this issue. The IRS also has yet to release the eligible efficiency technologies for this program.
- Eligible Renewable Technologies: Solar Water Heat, Solar Space Heat, Photovoltaics.
- Incentive Type: Personal Exemption
- Amount: 100% Subsidy