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Tax Credits for Improvements

Tax Credits for Improvements

Many homeowners refinance their mortgages in order to get a lower interest rate, decrease the loan term, or take cash out for other purposes. When you refinance to make improvements, keep in mind tax credits are available for improvement projects that make your home more efficient or "green." Those projects pay off now more than ever; in the past you could only take a credit up to $2,000. Now there is no cap; you can get a credit of 30% on, for example, installing solar panels. If the system costs $30,000, you can save $10,000 on the project (plus save money on electric bills for as long as you own the home). Also see if your state will pay a portion – many do. The tax credit is good through 2016, so start planning now.

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