Like Geico saving a bunch of money on your car insurance, energy-efficient windows save you a ton of money on your heating and cooling bills – and the monetary benefits don’t end there.
Buying new replacement windows in Canada certified by ENERGY STAR may be eligible for federal tax credits from the government, in an effort to manage energy consumption for a greener environment.
You must meet certain criteria, and your windows replacement project must’ve been completed between a certain date range for you to qualify for tax credits.
Federal Income Tax Credits for Windows…Have Expired
Sorry. Federal tax credits for residential energy efficiency products, including windows, have expired.
But you can still qualify for tax credits if your window replacement falls under the falling criteria, as outlined by ENERGY STAR:
- Windows meet ENERGY STAR program requirements
- Replacement windows are installed in the taxpayer’s primary residence
- Windows were installed between January 1, 2012 and December 31, 2016
Meeting these criteria makes you eligible for a tax credit worth 10% of the product cost (installation costs aren’t included), up to $200 for eligible windows, and $500 for eligible doors.
How Can I Save with Energy-Efficient Replacement Windows?
Energy-efficient windows are still a wise investment for your home, as you’ll save drastically in heating and cooling costs. By keeping the warmth or cool air emitting from your furnace and air conditioner, respectively, in your home, you’ll save a noticeable amount on those HVAC costs. Drafty windows lead to uneven temperatures in your home, meaning you’ll have to run the A/C or furnace harder and longer.
A window replacement also adds curb appeal to your home, increasing its overall value. When the time comes to move, you should easily make back the amounts you invested in your home windows.
If you missed out on your federal tax credit for new, energy-efficient windows, getting replacement windows now can still help you save on your monthly heating and cooling bills.
Get in touch for a free windows consultation with our experienced window installers.