Plus... Energy Credit for Homeowners
Federal tax breaks for improving your principal residence to make it more energy efficient are no longer as widespread or as generous as they were prior to 2017. But thanks to the residential energy efficient property (REEP) credit, you can still get a tax credit for up to:
- 30% of expenses for qualified home solar electric and solar water heating systems placed in service by 12/31/2019,
- 26% of expenses for systems placed in service after 12/31/2019 and before 01/01/2021, and
- 22% of expenses for systems placed in service after 12/31/2020 and before 01/01/2022.
A tax credit is more valuable than a tax deduction since a tax credit lowers your tax bill dollar for dollar.
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