Upgrading your old, drafty windows and doors improves the energy efficiency of your home. You'll also enjoy the benefit of lower heating and cooling bills. But did you also know that it can save you money on your 2016 federal taxes?
ENERGY STAR replacement windows and doors are eligible for Federal tax credit for energy efficiency. ENERGY STAR is a U.S. Environmental Protection Agency voluntary program that helps homeowners save money by purchasing windows, doors, appliances, lighting, and other products that have superior energy efficiency.
How the energy efficient windows tax credit works
You get a credit of 10% of the cost of your ENERGY STAR certified windows or $200, whichever is greater. For doors, you get 10% of the cost of your ENERGY STAR certified doors or $500, whichever is greater. This includes everything from double hung windows and slider windows to entry doors and sliding glass doors. Note that the products must be installed in your existing home and your principal residence, so if you own a rental property or for new construction the tax credit would not apply. Also, the tax credit applies to the product price only, not installation.
If you installed new windows and doors in 2015 and are worried you missed out on the 2016 ENERGY STAR tax credit, have no fear. The Consolidated Appropriations Act, signed in December 2015, extended the expiration date of some energy efficiency tax credits that had expired at the end of 2014. Windows and doors are included in the 2015 list of eligible products. The 2015 credit is the same as the 2016 credit - 10% of the cost of ENERGY STAR windows and doors, with a $200 lifetime limit for windows and $500 lifetime limit for doors.
More Information on Energy Star Tax Credit
For more information on Thompson Creek's ENERGY STAR certified windows and doors eligible for the tax credit, visit http://www.thompsoncreek.com/taxcredit. Upgrading to energy efficient replacement windows and doors will make your home more comfortable, reduce excess wear-and-tear on your HVAC system, with the added bonus of shaving money off your federal taxes.