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In IR-2024-137 the Internal Revenue Service (IRS) encouraged taxpayers to make updates to their home to qualify for home energy credits. The credits were significantly expanded by the Inflation Reduction Act of 2022.
Most of the credits apply to homeowners, but renters may also be eligible for some credits. The credits are generally in two main categories. There are credits for energy-efficient improvements to your home after January 1, 2023. Other credits apply to improvements such as solar panels, wind turbines or battery storage.
The IRS emphasizes that it is important to keep good records. For most individuals, the credit will apply to solar panels and battery storage. For the home credit, you may read IRS Publication 5967, Energy Efficient Home Improvements Credit for more information. If you are installing solar panels, battery storage or other energy improvements, you should review Publication 5968, Residential Clean Energy Credit for details.
Editor's Note: In many states, there has been a substantial increase in the cost of electricity each year. Energy efficient improvements to homes become more valuable each year. The cost for solar panels and batteries is often measured through a payback period of years. With reduced electricity and natural gas costs, homeowners also should consider the increased home value with these energy improvements, which may cover most or all the energy improvement costs.
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