Energy-Efficient Home Improvements

If you have done some home improvements in 2022, you can also end up getting some tax credits if the materials you have opted for are on the list that has been made by the IRA. If your insulation purchases are on the approved list, you can receive up to $500, or 10% of the total cost of your insulation purchases. The ones that qualify include rolls, batts, expanding spray, rigid boards, weather stripping, blow-in fibers, house wrap, caulk, and spray foam in the can.

The same 10% tax credit up to $500 applies to skylights, windows, and doors, as long as they are Energy Star-certified. Similarly, the same rule applies to roofs, as long as the new roof is energy efficient and climate-friendly. This roofing must be Energy Star certified and made of metal or asphalt, with the appropriate cooling granules or pigment coating!

The installation cost of all these products is not included in the calculations for the tax credits, so be sure not to add it up!

If after this article you would like to read more about other tax breaks and how you can calculate your income tax, it would be useful to read more about it in this book!