For tax year 2021 and 2022, the maximum tax credit that can be received under the Nonbusiness Energy Property Credit is $500.
This credit is limited -
• A total combined credit limit of $500 for all tax years after 2005.
• A combined credit limit of $200 for windows for all tax years after 2005.
• A credit limit for residential energy property costs for 2022 of $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property.
The the cost of the following items are eligible for the credit but not installation costs -
• Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home when installed in or on such a home.
• Exterior windows and skylights.
• Exterior doors.
• Any metal roof with appropriate pigmented coatings or asphalt roof with appropriate cooling granules that are specifically and primarily designed to reduce the heat gain of your home.
The the cost of the following items are eligible for the credit including installation costs -
• Certain electric heat pump water heaters; electric heat pumps; central air conditioners; and natural gas, propane, or oil water heaters.
• Qualified natural gas, propane, or oil furnaces and qualified natural gas, propane, or oil hot water boilers.
• Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces.
