There is a tax credit available to homeowners who have walls insulated. The credits were continued last year in a budget deal to cover tax year 2014 and the amount is 10% of the cost of materials up to $500. Only the material costs count, not the labor. There are other credits for residential solar electric, solar hot water, geothermal heat pumps, a small wind energy system, and fuel cells, but I can’t find anything more for improving the homes building envelope. You can find out the details by downloading the proper form, IRS Form 5695, and instructions here.
You can only accumulate $500 worth of credits from 2005 through 2014. I have to dig into my records to find out how much of a credit we got in 2007 for adding insulation to our attic and subtract that from the maximum $500 credit. I am waiting for an itemized breakdown of our Energy Upgrade California retrofit work, including the cost of the cellulose insulation blown into our walls.
I’m afraid after all this there won’t be much of a credit.
I’m wondering though if any of you Home Energy Pros members and readers are trying for this credit themselves or are helping their clients get credit for energy upgrades. It was hard to find the right information and it seems like this is a tax credit that has been hidden from public view. Or it’s just too cumbersome and doesn’t offer much.
Anybody out there have any experience with the 2014 Residential Energy Credits?
Well if I had to guess your credit will be 0 as it used to be up to $1500 & wasn't as hard to get back then - http://thehtrc.com/2009/october-national-energy-awareness-month which quite a lot of people took - new windows, HVAC, etc...
I know many have still talked it up (mainly window guys) but that stopped when it did expire (the first or was that second time?). It is always worth mentioning as a possibility, but if you do that, make sure you break down your billing to show the information they need.