make efforts to create eco-friendly homes. Solar is particularly lucrative, as the installation of a solar power system or solar hot water system earns you a 26% tax credit for systems installed in 2020-2022, and 22% for systems installed in 2023. (Systems installed before December 31, 2019 were eligible for a 30% tax credit.) Unless Congress renews, this tax credit expires starting in 2024, when the credit is scheduled to expire. Unfortunately, a large amount of other federal energy efficiency credits expired in 2016, tax credits for residential energy efficiency and those for builders of energy efficient homes were extended retroactively, through December 31, 2021. Check out energystar.gov/about/ federal_tax_credits for the latest updates regarding tax credits. Do not give up on being eco-friendly: there are still many state and local tax credits, incentives, and rebate offers for upgrading your home’s energy efficiency.
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