Boston condo tax rebate for home improvements
Boston condo tax rebate for home improvements
From the WSJ:
Many Americans will save thousands of dollars on home renovations when new rebates for a range of energy-efficient upgrades kick in later this year.
Buyers will receive the rebates as part of a $9 billion federal program passed by Congress in last summer’s Inflation Reduction Act. Household savings can range from hundreds of dollars for single items such as an electric cooktop or dryer to $8,000 for a heat pump or cutting home energy use by 35% or more. Those planning such projects may want to hold off until the program begins.
The size of the rebates will vary based on your household income and where you live, since the program will be administered separately by each state.
States will announce the particulars in coming months, based on guidelines issued by the Energy Department in July. These rebates can also be stacked on top of existing tax credits and utility offers for heat pumps, solar and EVs, said Kara Saul-Rinaldi, a clean-energy policy strategist in Washington, D.C. The new rebate programs and enhanced tax credits are good through 2032.
Tax credits for greening your house are available now. Tax savings for a home energy audit: up to $150.
Install rooftop solar and add battery storage to create your own power plant. Tax savings: 30% of the cost of the system. Add insulation and/or more energy-efficient windows and doors. Tax savings: up to $1,200. Replace an old air conditioner and a gas furnace with an electric heat pump that does double duty, heating and cooling. Tax savings: up to $2,000. Drive an electric vehicle and install a home charging station. Tax savings: Up to $7,500 for a new vehicle, up to $4,000 for a used vehicle, and up to $1,000 for the charger. Income limits apply.
