Tax Tips

If you make energy improvements to your home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.

We'll help you compare the credits and decide whether they apply to expenses you've already paid or will apply to improvements you're planning for the future.

Who can claim the credits

You can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when you make qualifying improvements.

Homeowners who improve their primary residence will find the most opportunities to claim a credit for qualifying expenses. Renters may also be able to claim credits, as well as owners of second homes used as residences.

If you would like more information please visit Home energy tax credits | Internal Revenue Service (irs.gov)

Home Energy Tax Credits

You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.

The credit is available to individuals and their businesses.

To qualify, you must:

• Buy it for your own use, not for resale

• Use it primarily in the U.S.

In addition, your modified adjusted gross income (AGI) may not exceed:

• $300,000 for married couples filing jointly

• $225,000 for heads of households

• $150,000 for all other filers

If you would like more information please visit Credits for new clean vehicles purchased in 2023 or after | Internal Revenue Service (irs.gov)

Clean Energy Vehicles 2023