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With tax season over and finished, are you looking at the amount you paid and wish that it was less? Do you dread even thinking about next year’s taxes? Take these money- and energy-saving steps now so that you can keep your hard earned dollars! These tips will save you time, money, and they’re great for the environment. Make the government pay you for a change.
1. Add Adequate Insulation
One of the most cost-effective home improvements available to you, investing in appropriate insulation can give you a tax credit of 10% of the cost to install it, up to $500. Typical bulk insulation products can qualify for this federal program, including batts, rolls, blow-in fibers, rigid boards, and more.
Other air sealing products that reduce air leaks in your home can also qualify, as long as they have a Manufacturer's Certification Statement. Items that count toward the credit include weather stripping, spray foam in a can and caulk (designed to air seal), and house wrapping.
In addition to the tax credit, you’ll also spend less on heating and cooling your home. Investing in good insulation will save you money on your taxes and you’ll get smarter use out of your A/C and heater.
2. Look into ENERGY STAR Products
Windows, doors, and skylights that are ENERGY STAR approved save energy, help protect the environment, and improve you and your family’s comfort. You’ll receive 10% of the cost of these items, up to $200 for windows and skylights and up to $500 for doors. The only requirement is that they’re ENERGY STAR certified.
You don’t need to replace all of the windows/doors/skylights in your home to qualify. If you just happen to install something new, look into what ENERGY STAR offers. You might be surprised at your options. Keep in mind that this credit can be applied to all ENERGY STAR windows, doors, and skylights installed since 2005.
3. Go Solar!
The proof is out: investing in solar will save you hundreds, and even thousands, of dollars! Here’s how: in addition to the savings that you’ll start to accumulate by not needing to pay your utility bills, there’s a huge number of rebates, government and commercial-based incentives, and other programs designed to help with the initial cost of solar.
Some of these solar incentives include:
Residential Renewable Energy Tax Credit
Through this federal tax credit, a taxpayer may claim 30% of qualified expenditures for a solar system located in the U.S. that is owned and used at his or her residence. For a PV system, there is no upper limit of allowable credit and that 30% includes installation costs.
While this tax credit is in full effect now,it will be reduced down to 10% over the next five years.
Utility Incentive Programs
A huge number of Florida utility companies 
have solar incentive programs. Tampa Electric Co and Florida Power and Light give up to $1,000 per solar system. Gulf Power offers $0.002/kW of on solar photovoltaics, for as much as $10,000 per system. Our very own Orlando Utilities Commission will give you $0.05/kWh your solar panels produce, at no maximum!
PACE Program
This is an amazing program that’s designed to make investing in solar as cheap as possible for homeowners! If you live in a land-secured financing district, you can sign up for financing to install energy projects. A government lender will provide funds to you to pay for the project and then you repay that loan through your property tax bill.
Your credit is irrelevant. The bond is tied to your property, as opposed to you, so if you decided to move, the debt won’t move with you! The savings plan will instead stay with the home and the new buyer. Read more about PACE here.
Want to know more about these programs? Curious about how to apply for them? Call us today at 407.331.9077 or contact us now. We’ll help you figure out all your options.
