Yes, tax credits can be applied to both new and existing homes, particularly for energy-efficient improvements.
- For existing homes, homeowners can claim the Residential Clean Energy Credit, which offers a 30% non-refundable tax credit for energy-efficient property upgrades. This credit applies to residential energy improvements made to your primary home and is uncapped, allowing carryover of unused credits.
- For new homes, there are specific tax credits available for builders and new homeowners who construct qualified energy-efficient homes. These credits can be up to $5,000 per home and are aimed at incentivizing energy efficiency in new residential construction. Additionally, there are broader tax credits to encourage new home construction that meets energy efficiency standards, including incentives for solar panels, efficient insulation, and high-performance systems.
In summary, energy-related tax credits are designed to support both new construction and upgrades to existing homes, promoting energy efficiency across the housing spectrum.
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