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: 496

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


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.  Home Energy Pros is sponsored by the Better Buildings Residential Network.

Latest Activity

Profile IconDenise Cooper, Maren Cooke, Steven Antonini and 1 more joined Home Energy Pros
10 hours ago
Crosbey Archery joined Allison A. Bailes III's group


HVAC design, Manuals J, S, T, & D, Duct leakage, Air flow, ENERGY STAR new home requirements,…See More
17 hours ago
Crosbey Archery commented on Ottawa Furnace Filters's blog post Some Useful Information about Furnace Air Filters
"This post is really helpful especially to those homeowners who are still confused on what to…"
18 hours ago
Diane Chojnowski posted videos
Diane Chojnowski posted a discussion

Incentives & financing options for home energy upgrades has a useful database of incentives and financing options for home energy efficiency…See More
George Kopf commented on Home Energy Magazine's blog post My Fall Into The Smart Home, Lazy Life
"Matt, Another way of looking at this is that by freeing up my time/brain power, I can give more…"
Chris Laumer-Giddens's blog post was featured

Sparky Doubled the Air Leakage in this Home!

Sparky Doubled the Air Leakage in this HomeThis is the home.This is the hole that Sparky…See More
Chris Laumer-Giddens posted a blog post

Sparky Doubled the Air Leakage in this Home!

Sparky Doubled the Air Leakage in this HomeThis is the home.This is the hole that Sparky…See More

© 2015   Created by Lawrence Berkeley National Laboratory.   Powered by

Badges  |  Report an Issue  |  Terms of Service