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: 528

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

Photos

Loading…
  • Add Photos
  • View All

Latest Activity

tedkidd replied to Rodney Fox's discussion Radon: Truth vs. Myth
";) I love uncovering absuedities... Funny how creatively and vehemently people will argue against…"
3 minutes ago
Rich Manning replied to Rodney Fox's discussion Radon: Truth vs. Myth
"Ted, you did it again! I would say that there's nothing like explaining the facts, but that…"
22 minutes ago
Rodney Fox liked Rodney Fox's discussion Radon: Truth vs. Myth
42 minutes ago
Daniel Cullen replied to Rodney Fox's discussion Radon: Truth vs. Myth
"Thanks CC....so, from an abjectly ignorant non-scientist's view the question that is…"
1 hour ago
Caoimhin P Connell replied to Rodney Fox's discussion Radon: Truth vs. Myth
"Hello Mr. Cullen – Your question is predicated on a false premise.  You state: In fact,…"
4 hours ago
Caoimhin P Connell replied to Rodney Fox's discussion Radon: Truth vs. Myth
"Hello Mr. Cullen –   You ask:   Response: Your question is predicated on a false…"
5 hours ago
karren shaw commented on miguel pace's blog post The features and benefits of Axial Flow Fans
"Axial flow FRP Fans from parag incorporate latest technique in its manufacturing process as Parag…"
7 hours ago
Daniel Cullen replied to Rodney Fox's discussion Radon: Truth vs. Myth
"As you point out Caoimhin, radon is not the health issue...it's the progeny, yes? Mr.…"
9 hours ago

© 2016   Created by Lawrence Berkeley National Laboratory.   Powered by

Badges  |  Report an Issue  |  Terms of Service