The Nonbusiness Energy Property tax credit is for homeowners who upgrade their homes to make use of renewable energy. These energy tax credits were renewed through Dec. 31, 2022, under the Inflation Reduction Act.
Tax Credit: 10% of cost up to $500 or a specific amount from $50-$300.
Details: Must be placed in service in an existing home which is your principal residence by Dec. 31, 2022. New construction and rentals do not apply.
All of SoftLite’s product lines include energy-efficient windows. If you purchased SoftLite windows, you are likely eligible for a tax credit to offset some of your costs of your window purchase (excludes installation). Reference our Manufacturer’s Certificate PDF to find your specific model number. To claim the credits, submit Form 5695 with your tax return.
Changes to the former Nonbusiness Energy Property credit, renamed the Energy Efficient Home Improvement Credit, will take effect Jan. 1, 2023, and lasting through 2032. While the tax credit amount is mostly limited to 30 percent of the project cost, the previous lifetime cap of $500 will change to an annual cap of either $1,200 to $2,000, depending on the efficiency improvements. This means homeowners will be able to claim credit for more projects, especially if the projects are spread out over multiple years.