- If you make improvements to your home that are designed to improve the energy efficiency, you can qualify for environmental-specific tax deductions. As of 2011, home owners can qualify for these tax deductions by adding additional insulation to the home or by putting in energy efficient windows and doors. Newer technology in insulation, windows and doors helps keep a house from losing too much heat in winter or losing too much coolness in the summer. By retaining more of the desired temperature, these new insulating technologies help heating and cooling units work more efficiently and use less energy.
- Solar arrays and small wind turbines can be hooked into residential homes to help provide additional energy from the sun and wind. Adding even a partial solar or wind energy system to your home's power system can allow you to qualify for deductions on your federal income tax return. For the 2011 tax year, you can deduct 30 percent of up to $500 of the cost of a solar power system for your home.
- If you replace your home roof with specific types of metal or asphalt roofing materials, as of 2011 you can qualify for 10 percent of up to $500 as an income tax credit. Coated metal roofs and specially made asphalt shingles help reflect the sun's rays and reduce the roof temperature of your house by up to 100 degrees. Reducing the temperature of the roof reduces the amount of heat that is transferred by conduction into your home.
- Heating and cooling units are generally among the biggest users of electricity in a residential home. By changing to more energy efficient and environmentally friendly models, you can qualify for specific tax deductions. If you install an air source heat pump for example, as of 2011 you can qualify for a $300 tax deduction, while changing your hot water heater from electric to natural gas or propane can qualify you for $150 in tax credits.
- Advertisement -
- Advertisement -