Home Upgrades: Three Ways The Government Can Help
Home projects can be daunting. A lot of upgrades do not require only tiring labor but also an amount to obscene costs. The good news is that you can get assistance from the government to help you pay those fees. Here are three ways you can take your house to the next level with some help from the state and federal governments:
Switch To Renewable Energy
Converting to solar energy has a reputation for being expensive, but the government has created ways to lower its costs. Since incentives vary by state, it’s best to consult a local solar energy company in Boise for the exact savings. For example, in Idaho, you can get an income tax deduction of 40% of the cost of your renewable energy device. Meanwhile, you can get a full exemption from state taxes for solar energy equipment in New Jersey.
Besides the state incentives, the federal government can also help you. With the residential renewable energy tax credit, you reduce the cost of solar panel installations by around $4,600. But make sure that your chosen renewable energy source is eligible. The IRS has published a list of qualifications that you must meet to claim the incentives.
Build Green Roofs
If you’re looking for ideas on a remodel or an entirely new construction, why not consider a green roof? There are plenty of cities that offer subsidies for green roofs and similar projects. In D.C., you can get money back from the cost of the green roof, whether your property is residential or commercial. The rebate depends on the size of the area, and you can also get a discount on your water bill.
If you’re a business owner in Philadelphia, you can get back half of the money you have spent building a green roof. But your responsibility doesn’t stop there. You must maintain the roof for at least five years after receiving the credit.
On the other hand, San Francisco and New York City have actually required new buildings to have green roofs, solar panels, or both.
Modernize Your House
Homes, which have been in a family for generations, likely need some repairs and upgrades. But the deterrents are probably the hefty material costs and labor fees. If money is the factor, you’ll be happy to know that you can get a low-interest loan from the government to spruce up your house. To be eligible, you have to be a low-income homeowner and be at least 62 years old.
Another option is the 203(k) Rehabilitation Mortgage Insurance Program, which helps buyers and owners to remodel the house with a loan of $35,000.
If you’re looking for a minor upgrade, check out the Weatherization Assistance Program. It helps low-income families improve their heating and cooling systems for free. Because it makes houses more energy-efficient, it also helps reduce electricity costs.
Home upgrades are not just projects to do on weekends. Some are necessary for your family’s health, while others benefit the environment. While money is often the deterrent, there can be a government program that can help you and your family.