Tax Tips: Energy Efficient Home Benefits

If you go green, the IRS will reward you with some green.

FOX’s Carole Zimmer with a ‘FOX News Radio Tax Tip’:

If you made your home more energy efficient, the government wants to give you something.

I’m Carole Zimmer with your FOX News Radio Tax Tip.

Let’s say you have a house and you install solar panels or a geothermal heating and cooling system. Fred Slater is a CPA at MS 1040:

(Slater) “It’s a tremendous savings and the government gives you  a credit for installing it. It’s not a deduction, it’s a credit against your taxes.”

The credit is equal to 30 percent of the amount you spent on that energy system. Tax credits provide a dollar for dollar deduction of your income tax liability, that means a $1,000 tax credit saves you $1,000 in taxes.  

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I’m Carole Zimmer, FOX News.

Follow Carole Zimmer on Twitter: @Carole_Zimmer