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Make Your Home Greener Article

Making Your Home a Little “Greener”

Energy-efficient home improvements—ones that can save you real money each month on your utility bills—qualify for federal tax credits and other local incentives. At AMOCO, we can help make your home a little “greener.”

Federal tax credit — Homeowners can receive the residential energy property credit for certain qualifying properties, like solar electric property, fuel cell property, and geothermal heat pumps. The credit is equal to a percent of the cost of qualified property. For example, property placed in service after December 31, 2019, and before January 1, 2023, is eligible for a 26% credit of the cost. To make sure that the product you’re purchasing qualifies for the energy credit, check the IRS website.

Tax credit vs. tax deduction — You’ve probably heard both terms, “tax credit” and “tax deduction.” A tax credit is an actual dollar amount subtracted from the tax you may owe. A tax deduction decreases the amount of income that needs to be taxed. So, the fact that energy-saving home improvements qualify for credits is an especially good deal for homeowners.

Energy audit —A good way to find out about green energy improvements is to conduct an energy audit. Check your local energy company’s website to see if they provide directions on how to perform this audit yourself or recommend qualified professional auditors. Your energy auditor may suggest upgrading appliances, replacing windows, adding insulation, or repairing leaks. Your energy company may also provide cash back incentives for making these improvements.

Energy-saving improvements benefit your community and your wallet. At AMOCO, we can help make these improvements possible with our Home Improvement Loans. For more information, contact us at 800.231.6053 or speak to a live AMOCO Representative through Video Banking.

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