Individual Home Energy Tax Credits for 2023

Taxpayers who make home energy improvements in 2023 may be able to benefit from tax credits for a portion of the qualifying expenses. The credit amounts have been increased, and types of qualifying expenses were expanded, by the Inflation Reduction Act of 2022. This post is intended to assist taxpayers in comparing the tax credits available for making energy home improvements.  Who can claim energy credits There are two energy-related credits available to taxpayers who make qualifying improvements to their home: the Energy Efficient Home Improvement Credit,or the Residential Energy Clean Property Credit. A taxpayer may claim these credits in the year the qualifying improvement has been made to their primary home. Ordinarily, a taxpayer's primary home is where the taxpayer spends most of their time. Additionally, qualification...