Rebates, Credits, and More: 3 Home Energy Efficiency Moneymakers

In many ways, being environmentally friendly and energy efficient doesn't just save you money, it makes you money.

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1. 26% Federal Solar Tax Credit
2. ENERGY STAR Rebates
3. Energy Efficient Mortgages (EEMs)

There’s a myth running around that energy efficiency in your home is more expensive than it’s worth. Of course, like anything, there are ways it can go badly. But if you do it right, bringing energy efficiency to your home can put money in your pocket. There are rebates, tax credits, and yes, even your mortgage can benefit.
 

 

1. 26% Federal Solar Tax Credit

The federal residential solar energy tax credit for 2020 is 26% of the entire cost of the system. If you go solar and start producing electricity for your home before December 31, 2020, you’ll get more than a quarter of the cost of the system back on your federal taxes!

Note: Sungevity offers a twenty-year standard warranty on all parts and labor for solar installation. If you buy your solar panels now and get them turned on before the end of the year, you’ll get reliable renewable electricity with a custom setup so you save money on your monthly bills in addition to getting a huge rebate on your taxes! That’s money in your pocket right away, and sustained lowered costs for decades down the road.

More about this: What Are Solar Energy Tax Credits for Homeowners?

Related: What Are the Financial Benefits of Solar Energy?

Bonus Money: Net Metering

If your area offers net metering, you could potentially use your solar panels to get actual credits back on your electricity bill! That’s not just savings, that’s money back to you.

Solar Power Net Metering

Is Net Metering Available In Your Area?

Contact us to see if you qualify for net metering.

 

2. ENERGY STAR Rebates

Did you know that you can get a variety of local, state and federal rebates by upgrading parts of your home for energy efficiency? Products that earn the ENERGY STAR label meet the strictest energy-efficiency specs from the EPA to help families save energy AND money. From large appliances to window sealants, water heaters and roofing products, ENERGY STAR labeled upgrades can give money right back to you, as well as help save money for the long haul.

Because the rebates differ by region as well as by product, you’ll need to find out the specifics. You can use the ENERGY STAR Rebate Finder for information on exactly how much money you can get back.
 

ENERGY STAR Rebate Finder

ENERGY STAR Rebate Finder

 

3. Energy Efficient Mortgages (EEMs)

When you buy an energy efficient home (EEH), your monthly bills will be lower than in a home without good efficiency. Financial institutions recognize this, and this means most people can qualify for a larger mortgage when buying an energy efficient home.

This is an incredible benefit, especially for first-time home buyers. Renewable power and weatherization are assessed and if found to qualify, you can apply for an EEM either in an FHA loan, a VA loan, or a conventional mortgage. If you already own your home, you may apply for an EEM that will be rolled into your existing mortgage.

It’s not an instant money-back program or rebate; instead, an EEM brings value back to you later. As you pay your mortgage, you’re really paying yourself, because you’re building equity in a home that will be much more valuable because of its home efficiency rating. Solar panels, weatherization, and ENERGY STAR rated appliances are shown to improve the resale value of any home. So your costs while living there will be lower and you’ll make more money when you sell it later.

It’s a win-win, and in the long view, you’ll profit mightily while being kind to the environment. Any way you slice it, that’s a great offer.
 

Housing and Urban Development

HUD: FHA Insured Energy Efficient Mortgages

 

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Previously: 3 Data-Backed Reasons to Go Solar in 2020 (and One Emotional Bonus Reason)

The proof is in the numbers: the smart choice is to switch to home solar power in 2020.

CALL ABOUT OUR SOLAR RATES


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