Main Line Homes for Sale: You Can Benefit from Tax Credits for Qualifying Home Improvements
Whether you’re thinking of selling your home, or you’re looking to buy Main Line homes for sale, one thing you should remember are the potential tax credits for energy efficient home improvements. At Sage Realty LLC, we believe in helping our clients in every way possible, including helping them find money saving ideas, such as taking advantage of tax credits for home improvements. In addition to the savings, these ideas can save energy, improve comfort and help protect the environment.
Advantages for Home Sellers
Before placing your home on the market, it is important to make your home as marketable as possible. With the increase in demand for eco-friendly energy alternatives, upgrading your home’s current systems can go a long way to increasing the selling power of your home, while potentially lowering your tax obligation through valuable tax credits.
Advantages for Home Buyers
When looking at Main Line homes for sale, keep in mind that home improvements aimed at increasing the home’s overall energy efficiency can be relativity simple to do, while providing valuable tax credits at the end of the year. Opting for an existing home may end up saving you a great deal on your mortgage payments; adding in the tax credit for qualifying home improvements means the investment could end up paying for itself.
Potential Tax Credits for Home Improvements
The value of each tax credit is dependent upon the purchase price and installation, as well as the type of product used. Below are common home improvements that can increase energy efficiency and possibly qualify for tax credits. Most qualifying costs do not include labor or installation.
Eligible for a Tax Credit* of 10 percent of the cost, up to $500 (or specific amount):
- Air Source Heat Pumps must be Energy Star Certified models to qualify.
- Biomass Stoves heat water or homes by burning fuel derived from plants. To qualify, the stove must have an energy efficiency rating of at least 75 percent.
- Central Air Conditioning units must be Energy Star Most Efficient 2016 models to qualify.
- Gas, Propane, or Oil Hot Water Boilers must be Energy Star Most Efficient 2016 models to qualify.
- Gas, Propane, or Oil Furnaces and Fans must be Energy Star Certified models to qualify.
- Insulation can be bulk insulation products, like rolls, batts, blow-in fibers, or rigid boards or some types of air seal products.
- Roofs must be metal or asphalt roofs with coatings designed to reduce heat gain and also be Energy Star Certified to qualify.
- Non-Solar Water Heaters must be Energy Star Certified to qualify.
- Windows, Doors, and Skylights must be Energy Star Certified to qualify.
Eligible for a Tax Credit* of 30 percent with no upper limit:
- Geothermal Heat Pumps must meet Energy Star requirements.
- Small Wind Turbines must have a nameplate capacity of no more than 100 kilowatts.
- Solar Energy Systems must meet fire and code requirements, and supply residential buildings with a minimum of 50 percent of energy needs.
- Fuel Cells for residential properties with micro turbine system must have 30 percent efficiency with a minimum capacity of 0.5 kilowatts.
For more information regarding potential tax credits for energy efficient home improvements, or to learn about Main Line homes for sale, please contact the knowledgeable and friendly professionals at Sage Realty LLC.
*Sage Realty is not qualified to give tax advice and all tax credits should be checked with the homeowner’s own tax advisor
Tags: Main Line Homes for Sale