When it comes to making our homes more energy-efficient, there are various strategies we can employ. From simple tasks like insulation and thermostat management to more advanced options like heat pump installations, the effectiveness of these measures can vary. While the more drastic approaches tend to yield better results, they often come with a hefty price tag, making them inaccessible to many homeowners.
For example, a heat pump can significantly reduce carbon emissions by transferring natural heat into a home. However, the cost of installing a solar model can exceed $30,000. Given the wide range in costs associated with energy-efficient devices, it would be more advantageous if there were affordable options available to a larger audience. That’s where the Energy Efficient Home Improvement Credit scheme comes in.
According to the IRS, this scheme is applicable starting January 1, 2023, and offers potential tax credits for energy-efficient improvements made after that date. Using the heat pump as an example, homeowners can claim up to $2,000 for qualifying installations. The same applies to biomass boilers and stoves. In fact, a wide range of other improvements also qualify for these tax credits.
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