Written by MangoPower
December 08, 2023
December 08, 2023
How to save 30% Tax Credit on your Mango Power E purchase
The Inflation Reduction Act modifies and extends the clean energy Investment Tax Credit to provide up to a 30% credit for qualifying investments in wind, solar, energy storage, and other renewable energy projects. For households, it extends the Residential Clean Energy Credit, ensuring that households will be able to continue receiving a tax credit to cover up to 30 percent of the costs of installing rooftop solar and, starting next year, battery storage, through at least 2034:
EQUIPMENT TYPE |
TAX CREDIT AVAILABLE FOR 2022 TAX YEAR |
UPDATED TAX CREDIT AVAILABLE FOR 2023-2032 TAX YEARS |
Home Clean Electricity Products |
||
Solar (electricity) |
30% of cost |
|
Fuel Cells |
||
Wind Turbine |
||
Battery Storage |
N/A |
30% of cost |
Heating, Cooling, and Water Heating |
||
Heat pumps |
$300 |
30% of cost, up to $2,000 per year |
Heat pump water heaters |
||
Biomass stoves |
||
Geothermal heat pumps |
30% of cost |
|
Solar (water heating) |
||
Efficient air conditioners* |
$300 |
30% of cost, up to $600 |
Efficient heating equipment* |
||
Efficient water heating equipment* |
$150 |
30% of cost, up to $600 |
Other Energy Efficiency Upgrades |
||
Electric panel or circuit upgrades for new electric equipment* |
N/A |
30% of cost, up to $600 |
Insulation materials* |
10% of cost |
30% of cost |
Windows, including skylights* |
10% of cost |
30% of cost, up to $600 |
Exterior doors* |
10% of cost |
30% of cost, up to $500 for doors (up to $250 each) |
Home Energy Audits* |
N/A |
30% of cost, up to $150 |
Home Electric Vehicle Charger |
30% of cost, up to $1,000 |
30% of cost, up to $1,000 ** |
* Subject to cap of $1200/year |
||
** The IRS will soon publish further information on eligibility requirements related to home electric vehicle chargers, but we know that credits are intended for residents in non-urban or low-income communities. |
||
If you have purchased or are considering buying the Mango Power E, Mango Power E Battery, or Mango Power E bundles before December 31, here is why you can apply for an additional 30% tax credit and how to get it:
Q: Who is eligible for tax credits? A: Homeowners, including renters for certain expenditures, who purchase energy and other efficient appliances and products.
Q: What do consumers do to get the credit(s)? A: Fill out IRS Form 5695, following IRS instructions, and include it when filing your tax return. Include any relevant product receipts.
Q: Are there limits to what consumers can claim? A: Consumers can claim the same or varying credits year after year with new products purchased, but some credits have an annual limit. See the table above.
Q: What energy storage products are eligible for tax credits?
Home back-up power battery storage with capacity of 3 kWh or greater.
Get more official information:
FACT SHEET: How the Inflation Reduction Act’s Tax Incentives Are Ensuring All Americans Benefit from
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