Are you thinking about making some improvements to your home in 2023? Those improvements may bring you energy credits from the IRS if they meet certain criteria.
Among the list of improvements that can qualify for credits are solar panels, solar water heaters, heat pumps, air conditioners, water heaters, hot water boilers, exterior doors, exterior windows, exterior skylights and insulation. Also, if you are building a new home, there are credits available for new construction.
Each of the improvements has its own credit amount and criteria.
Prior to 2023, there was a lifetime credit limit. However, that lifetime credit limit has been lifted and has been broadened to benefit more homeowners.
If you are considering any of the improvements mentioned above, you can visit irs.gov and search for residential clean energy property credits to find more detailed information. Some of the credit amounts are substantial and should not be missed. While you may not see the benefits of the credits or the overall energy savings immediately, you will see them eventually.
Happy home improving. And best wishes for the new year.