Federal Tax Credits:
The Residential Energy Efficiency Federal Tax Credits are back! You can get credit for energy efficient and renewable energy purchases and projects this tax season.
Tax credits are issued for the purchase of products that meet Energy Star criteria and efficiency ratings. For example, you can get up to $500 back for purchasing new insulation material for your home.
Tax credits are also given for renewable energy installations such as geothermal heat pumps, small wind turbines, and solar energy systems. (Tax credits for solar energy systems will be available until the year 2021.)
Certain electric and plug-hybrid vehicles are also eligible for a tax credit up to $7,500. If the car was purchased in or after 2010, then it may apply. There are also state incentives to take advantage of too.
Check out the Energy Star website to see if your project qualifies and learn how to apply for the credits.
If you've been taking actions to be more energy efficient, then you can get paid back for all your hard work and investment. Savings from efficiency upgrades and renewable energy installments will put money back in your piggy bank, but if you want to maximize your ROI, take advantage of utility rebates too.
DTE Energy and Consumers Energy both offer rebates for projects and installments. For example, you can get a $200 - 400 rebate for a new furnace or even $50 for installing a Wi-Fi or smart thermostat. Check out the DTE Energy and Consumers Energy websites to add up all the projects you qualify for.
There is also a Rebate Finder tool on the Energy Star website that helps your find rebate offers within your zip code.