At the Roofing Doctor, we know that many of our clients invested in some exciting home improvement projects in 2020. Pat yourself on the back and check your pockets to make sure you kept the receipt, as you may get some home efficiency tax credits for all your hard work.
Did you know that many home improvements that you make can get you a tax credit? These things can be easy to miss when filing taxes. Whether you have an accountant handle tax filing for you, or you file your taxes on your own, keep reading for simple ways to leverage qualifying home improvements.
Which Products Qualify?
Generally speaking, improvements like heat pumps, solar panels and wind turbines result in federal tax credits. A lesser known product that you can get tax credit for is for solar skylights or skylights with solar blinds. There are many different types of skylights such as manual, tunnel, fixed, solar, and electric and all have their benefits, but only solar skylights qualify for tax credit. At Roofing Doctor, we install solar skylights by VELUX, a qualifying product for tax credit.
Why Does it Matter?
With the home efficiency tax credit, you will receive 26% savings off the entire skylight project including materials and labor for qualifying VELUX products, but only for the roof around the skylight.
Skylights create light and airy spaces, provide fresh air, and can save money on energy bills. Skylights can also add to the resale value of your home, as if the 2020 housing market wasn’t booming already. A number of skylights have new features, like remote controls to open and close, rain sensors that detect moisture even when you aren’t home and can close your skylight automatically, and complete integration into your smart home.
Not only do skylights create a more pleasant environment in your home, but they also increase energy efficiency, helping you reduce energy consumption.
What Do I Need to Do?
When it comes time to file your taxes, attach your receipt for the total price paid, including the labor and materials. This will then be attached to the completed Federal Tax Credit Manufacturer’s Certification Statement. Or, as in all tax matters, consult your tax professional to get you the tax credit while you enjoy your new solar skylight. Click here to view more details from VELUX directly.
Have questions about the VELUX skylights installed in your home by the Roofing Doctor team? Give us a call and we would be happy to point you in the right direction so you are able to maximize the tax credit available to you. You can reach us at (401) 246-0711.
Don’t have skylights but would like to install some in 2021? Click here to complete our contact form, or give us a call anytime. We look forward to helping you increase the energy efficiency and value of your home, while maximizing tax credit available to you.
*Image from VELUX.