If you have just purchased a new home in Atlanta and are looking for ways to optimize and upgrade your investment, there are many options available; but did you know that some can give you a bonus on your taxes in addition to giving you new ways to enjoy your home? Generally, these improvements have to do with energy efficiency, too – so you can pay less on utilities every month and less on taxes!
In the new article, “Are There Tax Credits Available for Remodeling Your Home?” Equifax expert Eva Rosenberg explains that the two big options are:
- The Non-Business Energy Property Credit has up to $500 once a lifetime for energy efficient upgrades to your primary residence, including replacing insulation, roofing and doors or adding double-paned windows. This credit gives 10% back on what you spent as long as it meets specific energy standards, up to the $500 limit. The credit expires at the end of this year, so if you haven’t taken advantage of it before, now is the time.
- The Residential Energy Efficient Property Credit is a bigger benefit for larger projects, including up to 30 percent of the full cost of renewable energy systems for your home. These larger projects include solar hot water heaters, solar electric equipment, wind turbines and more. This credit expires at the end of 2016.
In addition to these federal efforts, check to see what Georgia offers both from the state government and special rebates from energy providers. And for more great ways to save money and save yourself from debt, identity theft and worse, be sure to read the articles on the Equifax Finance Blog!