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Residential energy tax credit faqs
There are many frequently asked questions (FAQs) about residential energy tax credits. Some of the most common are:
Do I get a loan to replace my roof?
If you choose to make roof replacements or repairs, they are eligible for credit only to the extent that the materials used in such repairs or replacements qualify. For example, materials such as solar panels, tiles and shingles are eligible, but improvements to the roof structure not specifically related to energy efficiency are not eligible for the tax credit.
Are there other sources of discounts or credits?
With an ever-increasing number of government agencies, cities, counties, and homeowners pushing to go green, the short answer is absolutely. In fact, a lot state and local governments, as well as many manufacturers, offer credits and discounts to make the high cost of energy upgrades more affordable.
Does credit affect my base cost of the house?
Any tax credit received will reduce the base cost that you hold in your home. In other words, if you decide to sell your home at a later date, you should subtract the dollar amount you earned in residential energy tax credits from your base cost.
