{"id":1414,"date":"2025-04-19T12:31:16","date_gmt":"2025-04-19T12:31:16","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=newsletter&p=1414"},"modified":"2025-04-19T12:37:25","modified_gmt":"2025-04-19T12:37:25","slug":"home-energy-rebates-could-save-you-money","status":"publish","type":"newsletter","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/home-energy-rebates-could-save-you-money\/","title":{"rendered":"Home Energy Rebates Could Save You Money"},"content":{"rendered":"

Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are available in some states starting in 2024 (possibly delayed until 2025 for others). The DOE tracks the application progress of states on energy.gov<\/a>.<\/p>\n

What are the DOE home energy rebates?<\/h2>\n

There are two DOE home energy rebates and various factors help determine the amount of rebates that may be available.<\/p>\n

For a home energy efficiency retrofit project<\/strong> with at least 20% predicted energy savings, a rebate may be available per household for 80% of project costs, up to $4,000 (reduced to 50% of project costs, up to $2,000, if household income is above 80% of area median income (AMI)). For a home energy efficiency retrofit project with at least 35% predicted energy savings, a rebate may be available per household for 80% of project costs, up to $8,000 (reduced to 50% of project costs, up to $4,000, if household income is above 80% of AMI).<\/p>\n

For a home electrification and appliance project<\/strong>, a rebate may be available per household for 100% of project costs, up to specific technology cost maximums, with a maximum total of $14,000. The 100% of project costs limit is reduced to 50% if household income is above 80% of AMI. This rebate is not available if household income is above 150% of AMI. The specific technology cost maximums range from $840 for an Energy Star electric stove to $8,000 for an Energy Star electric heat pump for space heating and cooling.<\/p>\n

An installed technology may be eligible for rebates either because of its predicted energy savings or because of its inclusion on the home electrification project qualified technologies list, but not for both reasons in a single household.<\/p>\n

Tax treatment of DOE home energy rebates<\/h2>\n

A rebate paid to or on behalf of a purchaser participating in either of the DOE home energy rebate programs is not includible in the purchaser\u2019s gross income and will be treated as a purchase price adjustment. This means that to the extent the rebate is provided at the time of sale, the rebate is not included in the purchaser\u2019s cost (or tax) basis in the property. If the rebate is provided later, the tax basis is reduced.<\/p>\n

Payments of rebate amounts made directly to a business taxpayer, such as a contractor, in connection with the business taxpayer\u2019s sale of goods or provision of services to a purchaser are includible in the business taxpayer\u2019s income.<\/p>\n

\n

Popular Home Energy Tax Credits<\/h2>\n

Energy efficient home improvement credit<\/strong><\/p>\n

\"\"Credits claimed \u2014 2,338,430<\/p>\n

Average credit \u2014 $882<\/p>\n

Residential clean energy property credit<\/strong><\/p>\n

\"\"Credits claimed \u2014 1,246,440<\/p>\n

Average credit \u2014 $5,084<\/p>\n

Source: IRS, 2024 (2023 tax return data)<\/p>\n

\n

Coordination with the energy efficient home improvement credit<\/h2>\n

In some cases, a taxpayer can receive an energy efficient home improvement credit for federal income tax purposes. The credit is for 30% of amounts paid for certain qualified expenditures, with limits on the allowable annual credit and on the amount of credit for certain types of qualified expenditures. The maximum annual credit amount may be up to $3,200.<\/p>\n

If the taxpayer receives a DOE home energy rebate (whether at the time of sale or later), the amount of qualified expenditures used to calculate the energy efficient home improvement credit must be reduced by the amount of the rebate. If the taxpayer purchases items eligible for both the DOE home energy rebate and the energy efficient home improvement credit, the taxpayer can make a pro rata allocation of amounts received as rebates to the individually itemized expenditures as a share of total project cost in determining the amounts treated as paid or incurred for such items for purpose of the credit. The allocated rebate amounts reduce the qualified expenditures to which they are allocated, and the various limits on costs under the energy efficient home improvement credit are then applied.<\/p>\n

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2025 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1417,"template":"","meta":{"_acf_changed":false},"newsletter-category":[34],"class_list":["post-1414","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-january"],"acf":[],"yoast_head":"\nHome Energy Rebates Could Save You Money - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services & Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/home-energy-rebates-could-save-you-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Energy Rebates Could Save You Money - 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