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IRS Newswire August 7, 2024
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Issue Number: IR-2024-202
Inside This Issue
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*Department of Treasury and IRS release Inflation Reduction Act clean energy statistics*
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued statistics on the Inflation Reduction Act clean energy tax credits [ [link removed] ] for tax year 2023.
The Inflation Reduction Act, or IRA, extended and expanded tax credits [ [link removed] ] that allow taxpayers to claim residential and energy efficient home energy credits.
Taxpayers have claimed more than $6 billion in credits for residential clean energy investments—which include solar electricity generation, solar water heating and battery storage—and more than $2 billion for energy efficient home improvements — which include heat pumps, efficient air conditioners, insulation, windows and doors — on 2023 tax returns filed and processed through May 23, 2024.
*Residential and Energy Efficient Home Improvement Credit*
*Credit*
*Number of returns*
*Credit value*
*"Residential Clean Energy Credit"*
1,246,440
Total: $6.3 billion, Average per return: $5,084
Rooftop solar
752,300
Up to 30% of cost
Batteries
48,840
Up to 30% of cost
*"Energy Efficient Home Improvement Credit"**""*
2,338,430
Total: $2.1 billion, Average per return: $882
Home insulation
669,440
Up to 30% of costc
Windows and skylights
694,450
Up to 30% of cost or $600c
Central air conditioners
488,050
Up to 30% of cost or $600c
Doors
400,070
Up to 30% of cost, $250 per door, or $500 total
Heat pumps
267,780
Up to 30% of cost or $2,000
Heat pump water heaters
104,180
Up to 30% of cost or $2,000
Back to Top [ #Fifteenth ]
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