Energy Tax Credits for Homeowners

16 Jan 2020 Accounting Services

When you own a home or property it can be easy for taxes to add up, so it is useful to know about the many great ways to save on your taxes. At Leskun & Son Accounting, we always make sure that our clients get the most tax savings possible when filing tax returns. If you are looking at different ways to save on taxes, is worth looking into energy tax credits for homeowners.

Energy Tax Credits and Rebates

Sometimes it can be difficult to know how to get the most out of your yearly taxes without professional help. Knowing what tax breaks and government rebates you are eligible for can be tough, so it always helps to seek the expertise of a trustworthy and knowledgeable accounting firm. Some examples of ways that homeowners can save on their yearly energy expenditure include:

Federal Tax Credits for Energy Efficiency

If your home has a renewable energy source, the federal government offers a tax credit that will be available until the end of 2021. This tax credit applies to homes with fuel cells, wind turbines, solar energy systems, solar powered water heaters, and geothermal heat pumps. This credit is excellent as it can help to off-set the cost of installation for a more energy efficient system and it encourages families to install environmentally friendly systems.

BC Energy Efficiency Rebates

By using energy efficient appliances in your home, you can qualify for hefty tax rebates from the BC government. Depending on which appliance you install and how many energy efficient appliances are in your home, the rebate amount can vary. Another variable that makes a difference in the amount that a homeowner can receive is the location of their home; different municipalities are eligible for different tax rebate amounts. On top of the government tax rebate for energy efficient appliances, some electrical companies will offer a rebate at the time of the appliance’s purchase.

If you would like to learn more about different energy tax credits for homeowners and which ones you might be eligible for, or to get help from one of our professional accountants with any other home-related tax or accounting issues, please contact Leskun & Son Accounting at 1-877-826-1219 or fill out a contact form on our website.