If you have decided to purchase energy efficient windows, skylights, or storm windows for your home then you may qualify for a tax credit of up to $200.00. A credit is different than a deduction, a tax deduction will reduce the amount of income subject to tax, a tax credit reduces the tax itself and may increase the amount of your federal refund.
Exterior Windows & Skylights
New energy efficient windows and skylights must be energy star certified or meet the International energy conservation code (IECC) to qualify for the tax credit. Only the price of the windows can be deducted. You may not include installation costs. Remember to save your receipt on these items as well as the energy star labels from your windows. You are eligible to receive 10% of your cost up to $200.00 for exterior windows and skylights.
Storm Windows
Energy efficient storm windows must meet the IECC as well as the exterior window installed in conjunction with the storm window. You must have a manufacturer certification statement to claim this tax credit for storm windows. Do not include installation expenses. You are eligible to receive 10% of your cost up to $200.00 for storm windows.
Exterior windows, skylights, and storm windows must be installed on the taxpayerʼs principal residence. The maximum credit that can be claimed in one year for energy efficient windows is $500.00 which will also include any other energy improvements such as doors, central air and metal roofs.
You may want to consider installing numerous energy efficient improvements in separate tax years. To claim these credits you must use the IRS form 5695.
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