With the tax deadline just around the corner, it’s easy to start thinking about steps you can take now to save on your tax liabilities for the next year. Certain home upgrades can help your tax situation for years to come. In addition, there may be home improvements you can make that create a more sustainable lifestyle. With these solutions, everyone can benefit. You can enjoy a nicer home with modern features. You can earn significant tax credits while reducing your energy bills and adding value to your property. And, you can do your part to reduce your carbon footprint.
Smart Technology
Smart technology is more advanced than ever. Just about every type of home appliance can have smart functionality that provides a wide variety of benefits. Most notably, smart appliances are generally very energy efficient. A smart thermostat can save you a great deal of money on your heating and air conditioning expenses. Smart gardening technology consumes less water and runs more efficiently to keep your lawn and garden in great shape.
Energy Star
Look for smart appliances or standard home appliances with the Energy Star label. This means they meet government requirements for energy efficiency ratings and could net you a healthy tax credit when you install.
Renewable Energy
Converting your house into solar energy or using other forms of renewable energy could be well worth the investment. There are federal and state tax credits available to homeowners making solar upgrades. And of course, you can also save money on your electricity bill by generating more of your own energy from renewable natural resources like the sun and wind. Solar energy is a great idea for electric vehicle owners. Electricity can sometimes cost as much as gas, so this may be a great combination. And speaking of EVs, they are eligible for significant tax rebates, as well.
Insulation
Another home improvement to consider if you live in an older house is to replace the insulation. Modern insulation performs better, which will help you reduce your heating and air conditioning costs. At the same time, there are tax rebates for some homeowners who install the right type of insulation.
Native Plants
Southern California is a desert climate. That means some plants, trees and flowers do better in this environment than others. Using more native plants in your landscaping can save on water usage and create a beautiful yard. This is a good sustainability solution, but won’t necessarily create tax savings unless done in conjunction with other eligible energy-saving upgrades.
We can live a more sustainable lifestyle while enjoying energy savings and tax benefits at the same time. In addition, they can add more value to your home. If you are considering home improvements, these are just a few ideas you can consider.
