Get the Most out of Home Energy Efficiency Tax Credits in Illinois

As part of the “fiscal cliff” legislation signed into law early this year, Congress provided a number of 2012 and 2013 tax credits for home energy efficiency improvements. These tax credits, coupled with financial incentives available for energy efficiency improvements, make right now a lucrative time to invest in home energy efficiency.
 
You’ll get twice the deal when you take advantage of an incentive program from Energy Impact Illinois, an alliance to help Illinois residents lower energy costs. The program helps you reduce energy bills and also provides financial incentives to make recommended improvements to your home. If you enroll in the program and install energy efficiency measures this year, you’ll receive an instant rebate of up to $1750 from Energy Impact Illinois and your local utility and, you can now also claim a credit  of up to $500 for the very same improvements, so long as the improvements are eligible under the tax extension.
 
Example: Say you spend $3,000 on energy efficiency improvements this year via Energy Impact Illinois. You’ll receive an instant rebate of $1,750. Your out-of-pocket cost is now $1,250. If all the improvements made are eligible under the extension, you’d qualify for a tax credit of 10% of this total cost, for a tax reduction of $125 when you next file your taxes. What a bonus!
 
The credit also benefits past participants of Energy Impact Illinois, as it extends to improvements made between Dec. 31 2011, and Dec. 31, 2013. Meaning, that in addition to work you do this year, you can deduct eligible improvements you made to your home last year.
 
Keep in mind that only certain measures are eligible. The Tax Incentives Assistance Project provides information on eligible improvements, how to qualify, resources to find out more on qualifying products, and IRS forms. And, be aware that you will not see the money until your next tax return. And, of course, consult with your tax advisor for details on your situation.
 
For more on Energy Impact Illinois call 1-855-9-IMPACT (1-855-946-7228).

 

Views: 432

Tags: costs, credits, efficiency, energy, illinois, impact, improvements, resource, tax

Comment

You need to be a member of Home Energy Pros to add comments!

Join Home Energy Pros

Home Energy Pros

Home Energy Pros was founded by the developers of Home Energy Saver Pro (sponsored by the U.S. Department of Energy,) and brought to you in partnership with Home Energy magazine.

Latest Activity

Rick Karg replied to Carly@AirCycler's discussion The (Small) Cost of Ventilation Without Recovery
"As a member of the ASHRAE 62.2 committee (and president of Residential Energy Dynamics, the author…"
12 hours ago
Bradford E. White replied to Elizabeth Guinn's discussion ERV in need of backflow preventer.
"I would use an in-line backdraft damper such as Artis Industries or the ones made by Fantech and…"
yesterday
Kim Tanner posted a video

Wireless Air Leakage Testing

This webinar will discuss the use of WiFi technology to conduct and document blower door and duct leakage tests for compliance with local energy codes. The s...
yesterday
Profile IconPerry Grossman, Daniel Pate and Ottawa Furnace Filters joined Home Energy Pros
yesterday
Kirsten Richnavsky added a discussion to the group Building Performance Institute (BPI)
Thumbnail

Breaking the link between unhealthy homes and unhealthy kids

Listen in on IAQ Radio to a discussion on reducing the household triggers that cause asthmaattacks…See More
yesterday
Kirsten Richnavsky posted a discussion

Breaking the link between unhealthy homes and unhealthy kids

Listen in on IAQ Radio to a discussion on reducing the household triggers that cause asthmaattacks…See More
yesterday
Kim Tanner posted events
yesterday
Ottawa Furnace Filters posted a blog post

Some Useful Information about Furnace Air Filters

There is not much we can do about the air pollution outside of a house in Ottawa, Canada, but we…See More
yesterday

© 2015   Created by Lawrence Berkeley National Laboratory.

Badges  |  Report an Issue  |  Terms of Service