Q:

What energy tax credits are available for 2014?

A:

Quick Answer

The Residential Energy Efficiency Property Credit and the Non-business Energy Property Credit were energy tax credits available for 2014, TurboTax reports. The residential credit is good through 2016, but the business credit expires after 2014.

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Full Answer

The Residential Energy Efficiency Property Credit can be claimed in a taxpayer's principal residence and second home if used for wind, solar and geothermal equipment in both homes, TurboTax notes.

Taxpayers can claim 10 percent of the cost of eligible property, excluding installation and labor costs for the non-business energy tax credit, Eligible property includes insulation that works to minimize heat gain or loss. The installation of exterior windows or doors and skylights also qualify for the non-business energy tax credit, the North Carolina State University Cooperative Extension explains.

The residential tax credit allows a homeowner to claim 30 percent of the cost of alternative equipment installed in his principal residence for items such as a solar water heater, EnergyStar.gov reports. For a solar water heater to qualify, at least half of the energy generated by the product must come from the sun, and the system must have the Solar Rating and Certification Corporation certification. A comparable entity endorsed by the state government where the property is installed can also certify the product.

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