30% Tax Credit Extended
There's great news for homeowners considering the installation of a skylight: A 30 percent federal tax credit has been extended to December 31, 2032. Under the credit guidelines, a number of VELUX solar shades and skylights qualify under "Solar Electric Property" expenditures.
Opening Skylights
A 30 percent federal tax credit applies to both the purchase and installation of some products that fall under the designation of "renewable technologies," such as solar-electric power.
The VELUX solar-powered Fresh Air Skylights qualify for the tax credit. Thanks to the tax credit, customers can upgrade to a solar opening skylight for nearly what they would have paid for a fixed, non-opening unit on new cut-ins. Both the VELUX VSS deck-mount Solar Fresh Air Skylight and the curb-mount version (model VCS) meet the requirements for this credit. Solar-powered shades for these units also qualify.
Solar Fresh Air Skylights
These solar units are easy to install and easy to use, as they require no wiring. The solar panel captures all available daylight to recharge its battery-powered operating system. Direct sunlight is not required. A rain sensor is included which will automatically close the unit if it remains open during inclement weather.
How Do I Get the Tax Credit?
The federal tax rebate is paid to the homeowner, so the homeowner will need to save receipts for both product costs and installation charges. Attach your receipts to a completed "Manufacturers Certification Statement" and file it for your records.
The homeowner is the one responsible for filling out and submitting tax forms to the IRS. When it's tax time, fill out IRS Tax form 5695 and submit it with your taxes. Enter this tax credit off of form 5695 on your 1040 form (tax forms can be found at irs.gov.) If you use an online program to file your taxes, it should ask if you made any energy-efficiency retrofits to your home in the tax year.
(Keep in mind that it's also a good idea to consult a tax professional, and neither Dunn Lumber nor VELUX assume liability regarding redemption of tax credits.)
Savings Estimates
The images below from VELUX show example cost and savings for installing various VELUX skylight products that qualify for the 30% tax credit. Figures will vary depending on your tax credit eligibility and installation costs.
If you have more questions about skylights or you're ready to get your order started, visit our Bellevue, Normandy Park, Lake Union, or Lynnwood locations to chat with one of our windows and skylights specialists.
