If you install qualified vehicle refueling and recharging property (EV charger) in your home or business, you may be eligible for the Alternative Fuel Vehicle Refueling Property Tax Credit. To qualify for the credit, refueling property must be used to store or dispense clean-burning fuel or to recharge electric motor vehicles. In addition, the property must:
- Be placed in service during the tax year
- Have original use that began with the taxpayer
- Be used primarily in the U.S. and U.S. territories
- If not business or investment use property, be installed on property used as a main home
As of January 1, 2023, qualifying property is limited to property placed in service in eligible census tracts. An eligible census tract is a population census tract that is a low-income community as described in section 45D(e) or that is not an urban area.
As of January 1, 2023, the credit for qualified refueling property subject to depreciation equals 6% with a maximum credit of $100,000 for each single item of property. For qualifying property not subject to depreciation, the credit equals 30% of the cost with a maximum amount of $1,000 per item. You need an invoice that lists the qualified property with costs and yes, installation is included.
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For the energy efficient home improvement credit, the lifetime limitation has been replaced by an annual credit limit. A 30% credit, up to a maximum of $1,200, may be allowed for:
- Insulation material or air sealing material or systems,
- Exterior doors,
- Windows and skylights,
- Central air conditioners,
- Natural gas, propane or oil water heaters,
- Natural gas, propane or oil furnaces or hot water boilers,
- Improvements or replacement of panelboards, subpanelboards, branch circuits or feeders, and
- Home energy audits.
The limits for each category of these items that qualify for a credit is discussed later in Section A—Qualified Energy Efficiency Improvements. (IRS Form 5695 instructions)
The residential clean energy credit (Solar Credit) is available for both existing homes and homes being constructed. The energy efficient home improvement credit (Part II) is only available for existing homes. Your skylight would not be eligible based on being installed as part of new construction.
Residential Clean Energy
Energy Efficient Home Improvement
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