How Do Insulation Tax Incentives Work In Florida?
Insulation is one of those things that people are often intimidated by because it’s seen as a “pay now, save later” type of investment. That’s not even the case anymore now that there are tax incentives for energy-efficient upgrades to help with the cost of installation. And when you consider the fact that old insulation increases your monthly expenses, upgrading to spray foam is a win-win scenario. Ask your local spray foam experts at Foam Bear Tampa about our financing specials!
Your Short Guide to the 2023 Energy Tax Credit
The biggest tax incentive for upgrading to spray foam insulation is the 2023 Energy Tax Credit which encompasses IRS-approved home energy improvements. With this credit, you are able to claim a certain percentage of costs up to a $1,200 limit. The percentage you can claim with this credit has gone up from 10% to 30% for a substantial increase, encouraging homeowners to make the switch to eco-friendly appliances. To add to the generosity, this tax credit is in effect until the end of 2032.
Considering upgrading your water heater or heat pumps? That actually falls under a separate credit with an upper limit of $2,000. Stay tuned to see how you can use this fact to your advantage for greater savings!
Receiving Your Insulation Incentive – A Step-by-Step:
Anyone who has dealt with any sort of rebate knows that the reimbursement process can be a pain depending on the company distributing them. Thankfully, tax incentives are pretty easy to handle. Since the IRS issues them, the task is as simple as including proof of payment during your annual tax filing. Check out these steps:
- Choose qualifying spray foam products
- Hire certified spray foam installers
- Keep physical records of your purchase
- Bring the records to your tax person
- Fill out IRS form 5695
Keep in mind that you must include the spray foam insulation costs on your taxes for the same tax year you made the purchase. If you wait until the following tax year, you won’t be able to claim your incentive.
Maximizing Your Incentives – Getting the Most Cash Back
If you’re on an energy-upgrading kick, you will be rewarded for slowing down and taking projects one at a time. As mentioned earlier, you can receive up to $1,200 for energy-improvement upgrades like insulation and up to $2,000 for new heat pump and water heater equipment for a total of $3,200. If you meet the $1,200 limit on your insulation, you could receive an additional $1,200 the next year if you choose to wait on your next upgrade like energy-efficient windows and doors.
|
How else can you save on energy? Visit our Solar Bear website for more details! |
Other Ways Spray Foam Can Help You Save
Tax incentives can certainly save you a ton of cash, but spray foam has qualities that can cut costs in other ways for compounded savings. Since spray foam is capable of air-sealing your property on top of having a high thermal rating, it has the potential to cut down your energy bills by up to 50%! You can think of this as a special discount that can last a lifetime, saving you much more than what you can get back on your initial tax credit.
Start Saving, Call Foam Bear Tampa Today!
How about a third way to save on new insulation? When you go to Foam Bear Tampa for your spray foam upgrade, you can finance 100% of your costs for up to 25 years with fixed interest as low as .49%! Learn more about our financing options or call our friendly staff at (727) 580-1090 for more information and a free estimate.
