The Inflation Reduction Act (IRA) is directing an unprecedented $369 billion toward energy saving initiatives through tax credits. These tax credits will have numerous benefits including improved energy efficiency, reduced energy bills, and improved home comfort and indoor air quality.
The IRA tax credits can be combined with local incentives for even bigger savings!
IRA tax credits include the following:
Principal Residence Owners
A principal residence is the home where you live most of the time. The home must be in the United States. It can include a house, houseboat, mobile home, cooperative apartment, condominium, and a manufactured home.
It’s rather simple to get the tax credit. Get the insulation work done during the year and file IRS Form 5695 “Residential Energy Credits” the following year when you file your taxes. If you have taken this tax credit in tax years 2022 and before, that’s okay - - you are not excluded from qualifying for the new 2023 tax credit. The only way anyone can get the credit is by filing a tax return and claiming the credit.
There are many components to this act and some portions of the act are still being determined by each state. There are many ways you can save and tax credits are subject to program changes. Our team is happy to answer questions. Contact our office to discuss your project and how tax credits can help.
Typical bulk insulation products can qualify, such as batt insulation, rolls, blow-in fibers, rigid boards, expanding spray foam insulation, and pour-in-place. Products that air seal (reduce air leaks) can also qualify.
The following applications qualify:
Insulate SB, Inc. info@insulatesb.com Lic. 963692 © 2023 Privacy Policy