COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.

Beaird Harris is closed on Thursday, February 24th due to inclement weather. 
During this time our team will be fully available via phone or email should you need assistance. 

Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.

Blog

Residential Energy Efficient Property Credits

Matt Edrington

Installing equipment such as solar panels, solar hot water heaters, certain wind turbines and fuel cells may be an effective way for you to lower your utility bill and potentially save on your taxes. The Inflation Reduction Act of 2022 expanded on the tax incentives.

  • Projects that began construction before 2025 (2035 if geothermal property) and are placed in service after 2021 are eligible for a 30% credit. There is no longer a phase-out provision in place.
  • For projects placed in service in 2021 or earlier, prior rules remain in place, and the credit is reduced to 26%. And for projects placed in service after 2024, a similar credit remains with a few new stipulations.
  • You’ll need to have the manufacturer’s statement that certifies that the components meet the requirements.

In addition to federal tax credits, state programs for renewable energy and energy efficiency, which exist across a wide range of technology types, are also available and can offer significant tax saving opportunities.

Regardless of potential tax credits, improvements that add to the value of your home and prolong its useful life can get added to the basis of your home. With housing prices soaring, you may need that increased basis to decrease a potential taxable gain later.

Let us help you.

Please contact our office today at (972) 503-1040 to discuss your goals. As always, planning ahead can help you maximize your financial situation and position you for greater success.

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