10 Rebates and Tax Credits More Homeowners Should Take Advantage Of

Tax credits are controlled by the states and the federal government and are often used to incentivize home improvements that conserve energy. Homeowners claim these credits when they're filing their income taxes. For instance, a tax credit for installing solar panels can put 30 percent of the project cost right back in homeowners' pockets come tax time. This and other credits for installing renewable energy products have been extended through December 31, 2021. To find out what credits are available to you, visit the U.S. Department of Energy website.

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Energy Star-certified appliances are designed to use up to 30 percent less energy than older and non-certified appliances. Many local power companies offer rebates as high as $600 on purchases of qualified refrigerators, freezers, dishwashers, clothes washers and dryers, dehumidifiers, and air purifiers. Before you buy new appliances, research available rebates so you can take full advantage of local programs.

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Replacing old, leaky windows, doors, and skylights pays homeowners back—twice. These home improvement projects may qualify for rebates of up to $40 per door and $15 per window as well as tax credits of up to $200 for eligible windows and skylights, and up to $500 for eligible doors.

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Switching to energy-efficient light fixtures, ceiling fans, lamps, decorative string lights, and environmentally friendly LED bulbs definitely pays off in lower energy bills—and you may even be able to get a bonus from your local utility company. Some offer rebates of up to $25 for fixtures and up to $3.50 per LED bulb.

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If a new roof is in your future, consider installing an Energy Star-certified metal or asphalt roof. These new energy-efficient designs contain pigmented coatings or cooling granules that reduce heat gain and cut down on the amount of air conditioning needed to cool your home by up to 15 percent, thereby saving you cash. Qualified products are eligible for a tax credit of 10 percent of the cost of the product, up to $500.

Related: 7 Signs You Need a New Roof

With the rise of telecommuting and flexible work schedules, more and more Americans have designated space in their home for an office. A dedicated home office may be eligible for a tax deduction, and there are rebates of up to $150 available on a broad selection of home office equipment, including computers, monitors, and data storage.

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