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Video: Energy Efficient Credits

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2022 • February 29, 2024 1:55 PM

OVERVIEW

Learn about the recent changes to tax credits for energy efficiency in your home, solar credits and credits for both new and used electric vehicles.

TABLE OF CONTENTS

Video Transcript:

Video Transcript:

Tracy Byrnes: For those of you who are out there trying to do right by this world, Uncle Sam is paying attention. There are energy-efficient tax credits available to you. And you should know what they are. Lisa Greene-Lewis, TurboTax expert and CPA, is here with us right now. I think they're a little bit confusing. So I'm glad we're talking about this. So what's new? What changed in 2023 that we need to know about?

Lisa Greene-Lewis: Yes, so there are changes to the energy-efficient credits for items you put in your home, like windows and doors. The big change in that is, before it was up to $500 of a credit, depending on what you were placing in your home. Now it's up to $1,200 for windows and doors.

And then also one big change. It used to be a $500 lifetime credit. It's no longer lifetime, so you can get that $1,200 every year. So windows are expensive. So maybe you might want to replace a few this year, and you get the credit, and then you would be able to replace them in a following year, and get the credit. So that's another big change.

And then also for solar. So this was actually starting in tax year 2022. It was supposed to be going to 26% on solar. With the Inflation Reduction Act, it changed to 30%, and that is still continuing for tax year 2023.

Tracy Byrnes: That is a great tip, Lisa, to space out, especially like where we are in the year. If you have a big project coming up, really think about this. And maybe do half this year, or half next year, take advantage. What's going on with the EV world, the car world? Because I everyone around me, I feel like lately needs to plug a vehicle in.

Lisa Greene-Lewis: Yes, so there were a lot of changes to the electric vehicle credit with the Inflation Reduction Act. The biggest changes are, you can still get the $7,500 credit.

They have changed that. You no longer have to look at how many models were manufactured. Years ago, for instance, Tesla got up to 200,000 of a certain model manufactured, so people can no longer get that credit. But that has gone away.

But what has also been implemented, there are income limits related to if you can get the credit. So it's $300,000, married filing jointly, $150,000, single. And then there are also income limits based on the electric vehicle that you purchase.

So a SUV can be up to $80,000, and a car up to $50,000. And then also final assembly has to be done in the United States. So there are some more things that you have to look at in order to get the credit. And then something else new, you can get a credit of up to $4,000 for a used electric vehicle, but there's also income limits on that.

Tracy Byrnes: That is amazing stuff. And my guess is TurboTax will walk you through all this to help you figure out all the ins and outs. I have to believe though that we have to keep certain documentation for all of this. So what do I need to make sure I have backup in case the IRS starts knocking one day, as far as a car and the home repairs. What kind of paperwork do we need?

Lisa Greene-Lewis: Yes, I would definitely have your contract or purchase agreement when you bought the car, because you will need information from that agreement when you file your taxes. You need information like the VIN number, the date. Also with the electric vehicle credit, a lot of states, they do give a rebate or credit. So you will have to provide that information to your state as well. And then the same for anything that you put in your home that's energy efficient, you'll need information from your receipts.

Tracy Byrnes: It's good stuff. I think this is really important, and people should pay attention to this. And, again, it's early enough in the year, where you have the time to get the paperwork together. Lisa Greene-Lewis, TurboTax expert. Thank you so much for sharing all that.

Lisa Greene-Lewis: Thank you for having me.

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What Are Energy Tax Credits?Conserve Energy, Save Money with Larger Credits Electric Car Tax Credit: What is Form 8834?Are Energy-Efficient Appliances Tax Deductible?Going Green? Top 4 Tax Breaks

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100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.
Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.
Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.
TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.
Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.
Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.
TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.
Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.
Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.
Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.
Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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