Saving on Energy Costs

If energy costs take a significant bite out of your monthly budget, there are steps you can take to lower them. Here are some ideas.

Lower or Raise Your Thermostat.

Adjusting your house temperature by just a few degrees can make a difference.

Install a Programmable Thermostat.

Smart thermostats allow you to program and control heating and cooling settings using an app or a voice-controlled device.

Insulate.

Apply caulking and weather stripping to windows and doors, also, add insulation to your home.

Get a Home Energy Audit.

A professional auditor will assess your home’s energy efficiency and identify areas for improvement.

Get a Tax Credit for Home Improvements.

By replacing old furnaces, air conditioners, and water heaters with energy-efficient equipment, you may be eligible for a credit of up to 30% ($1,200 maximum) of the cost of new qualifying items. The credit is taken as a deduction on your income tax return.

Use the Clean Energy Property Credit.

A credit of 30% of the cost of equipment is available until 2032 for the installation of solar panels, solar water heaters, geothermal heat pumps, wind turbines, fuel cells, and battery storage technology.

More information about these credits is available at www.irs.gov/credits-deductions/home-energy-tax-credits.