Energy Saver

Fall into Savings with a Tax Credit-Eligible Energy System

October 10, 2014

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Installing a renewable energy system for you home, like these solar panels, doesn't mean breaking the bank. | Photo courtesy of Dennis Schroeder, National Renewable Energy Labratory

Installing a renewable energy system for you home, like these solar panels, doesn't mean breaking the bank. | Photo courtesy of Dennis Schroeder, National Renewable Energy Labratory

The weather is cooling down, and that means the end of the year is approaching. When it comes to your home's energy, foremost in your mind may be preparing for fall and winter weather—and it should be!

But if you have ever considered adding a geothermal heat pump, a small wind turbine, a solar energy system, or a residential fuel cell and microturbine system to your home, now is also a good time to consider taking that step.

Why consider it now? All of these systems are eligible for federal tax credits of 30% of the cost. While you may not usually start thinking about taxes until around February  or later, now is the time to get started if you want to take advantage of the tax credits for 2014 because the systems must be placed in service by the end of the calendar year. If you're not quite ready to take the plunge this year, the tax credits are available through 2016.

Not sure where to get started? The following articles can help:

In addition, Energy Saver is focusing on solar throughout October, so if you have questions or solar topics you'd like to discuss, use #EnergySaverSolar on social media. We may address your questions in future blog entries.

Finally, while the federal tax credits are a fantastic reason to install these systems in your home, don't forget to find out if your state, utility, or local government are offering other incentives that can make the investment more affordable. Search the Database of State Incentives for Renewables and Efficiency to see if any additional incentives are available in your area.
 

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