Lower Your Utility Bill and Increase Your Tax Refund: 4 Great Tips
Homeowners who care about going green will be happy to know that tax credits for energy efficient home improvements are still in place. When you make the right choices for your renovations, you can watch your utility bill drop while maximizing your refund in the spring. Here are four smart ways to achieve the best of both worlds with smart investments.
Go Solar
If you’re considering a solar water heater, air conditioner or supplement power, then you can be rewarded with a handsome tax credit. In addition, you can drastically lower your energy bill by embracing solar appliances and making better use the sun’s free energy.
Embrace New Technology
Geothermal heat pumps take a traditional heating method to a new level by using the stable air from deep in the ground. Tankless water heaters provide you with hot water on demand. Both systems reduce waste, lower your energy bill and are eligible for handsome tax credits. You can save money every single month and then enjoy a larger return when the time comes.
Windows to Keep the Home Comfortable
The rebate for windows isn’t quite as handsome as the rebate for geothermal heat pumps, but it can still boost your refund by a few hundred dollars. People with drafty, single-pane windows report that their new energy efficient windows usually pay for themselves in just a few months, so the benefits will continue to multiply when tax time rolls around again.
Better Air Conditioning
Invest in a new air conditioner or heater that meets Federal Guidelines and prepare to boost your return. You’ll benefit from the reliability of a new system, and you’ll see an immediate reduction in your monthly utility bills. You can write off a portion of the new appliance, so your check in the spring will also grow. After Consulting with Southtown Heating & Cooling Sales and installations the cost does vary depending on the size of your home as well the type of environment you want in your home, so be sure to consult professionals before going through with anything.
When you make energy efficient improvements to your home, you’re making a smart investment. Your utility bills will drop in the coming months, and you’ll continue to enjoy those savings for years to come. As the cost of power continues to rise, your saving will steadily grow. Set aside the receipt and remember to claim the tax credit when you do the taxes next year. With these smart credits, you can boost your tax refund by hundreds or even thousands of dollars. You can also multiply your savings by looking into tax credits and rebates offered by the state you live in.
Category: Save Energy, Taxes
