Installing new windows in your home can make a huge difference in the energy efficiency of your home, as well as improve its curb appeal. But replacement windows can be an expensive home improvement project. Fortunately, there are new federal tax credits that will make replacement windows for your Danville home more affordable—if you choose the right options.
The Inflation Reduction Act, which was signed into law in 2022, includes tax credits for energy-efficient home improvements that are completed in 2023. One qualifying improvement is the installation of Energy Star-certified replacement windows and doors. Homeowners can get back up to $600 on the cost of replacement windows, and up to $500 on the cost of new patio doors, for a total of $1,100.
What Replacement Window Products Qualify for the Tax Credit?
To qualify for the tax credit, the windows and doors purchased must be on Energy Star’s “Most Efficient 2023” list, which ensures that they meet the federal government’s requirements for energy efficiency. A knowledgeable replacement window company in the Danville area can help you select windows that will qualify for the rebate. You should also have them installed by a reputable replacement window company that serves the Danville area, so they can be as energy efficient as advertised.
The greater the insulating properties of the products purchased, the more energy efficient a home becomes. And when a home is more energy efficient, homeowners will likely see their monthly energy bills go down because they won’t have to run their heaters and air conditioners as often.
When Do Homeowners Get the Money from the Tax Credit?
It’s important to note that the money offered from the government is not an instant discount. You won’t see a credit on your final bill from your replacement window company when you purchase your new windows and patio doors. In fact, you won’t receive the credit until you file your 2023 tax return. The credit will offset the money you owe the government for your 2023 taxes. However, receiving the tax credit is as easy as presenting your tax accountant with the receipt from your purchase, or entering the purchasing information into any tax accounting software you use, such as TurboTax.
What Else Should Danville Homeowners Keep in Mind About Replacement Windows?
As a Danville homeowner, you want to make sure that you choose replacement windows that are a good value. You shouldn’t only look at the brands that are the “household names.” These are often more expensive than other brands, and don’t necessarily give you a better-quality product for the money. There are some lesser-known brands that are extremely energy efficient and durable, such as Monte Verde, which is a great replacement window brand for Danville homes.
Do your homework! Get several quotes from Danville-area replacement window companies and compare their prices, as well as the replacement window brands they sell to ensure you are getting the best bang for your buck!