Are Impact Windows Tax Deductible?
Having impact windows in Florida is a great idea. This is especially true in South Florida, where the intense sun and heat are constantly bombarding us. And of course, we can’t forget to mention the risk posed by hurricanes every fall. For many, however, impact windows might seem like an expense they can’t afford. This couldn’t be further from the truth. Impact windows are eligible for a number of programs which make them more affordable now than ever before. But are impact windows tax deductible?
Thanks to the Bipartisan Budget Act passed in 2018, certain tax credits are available to help homeowners save money on energy efficient upgrades to their homes or businesses. These tax credits apply to a whole multitude of energy saving upgrades. That includes energy-efficient windows, roofs, solar panels and much more. These impact window tax credits must be claimed under IRS Form 5695, entitled “Residential Energy Credits”. Read below to find out the answer to “Are hurricane windows tax deductible?”
Hurricane Windows and Doors are Eligible for Tax Credits
Under the Bipartisan Budget Act, replacing windows, doors, or skylights with energy efficient models is covered and thus available to be used as a tax credit. If a homeowner replaces their old windows, doors or skylights with ones that meet Energy Star standards of energy efficiency, they can claim 10 percent of the cost as a tax credit when filing. This is up to a cap of $200 per window or skylight and up to $500 per door. Homeowners do not need to replace every single door or window in their home in order to take advantage of these tax credits.
Many hurricane windows and doors from ASP Windows are Energy Star rated and compliant. That means they are qualified for this tax credit. Most vinyl impact windows meet energy star requirements and are the type of impact window that best reduces your energy costs.
Vinyl Insulated Impact Windows with Insulated Glass and LoE 366
Vinyl windows with impact insulated glass and a glass coating like Low E can dramatically reduce your home’s energy consumption thanks to several factors. A window frame made from vinyl is a poor conductor of heat. Insulated impact glass reduces heat transfer through the glass portion of the window unit, while LoE 366 or a simple grey tint decreases the heat generated from visible light that enters the home.
Vinyl impact windows save energy costs immediately after installation and also lower insurance costs while giving your house a much-needed facelift. The savings to the homeowner, as well as the increase in property value help, offset the cost of such improvements. Impact windows, especially here in Florida during the July month, are a great choice that can provide the energy efficiency and safety your home needs come hurricane season.
Not All Hurricane Windows Tax Deductible and Meet Energy Star Standards
It is important to know that not all impact windows qualify for an energy star-related discount. Even though new windows always provide new insulation, hurricane windows with laminated glass with no tint are much less adept at blocking the transfer of heat and light around the window openings. While aluminum framed impact windows with laminated glass are a great choice to protect homes or businesses from hurricanes, homeowners looking for energy efficiency improvements should carefully balance the energy efficiency benefits of efficiency upgrades with the added cost of these upgrades.
Pace Financing and A Tax Credit Means Impact Windows are More Affordable than Ever!
Being able to claim tax credits for the installation of hurricane windows and doors isn’t the only benefit from having ASP Windows install your new windows today. ASP Windows and Doors works with several leading Pace financing companies, meaning you can get your new windows without any upfront costs. Renew and Fortifi are two of Florida’s leading Property Assessed Clean Energy Program financers. You can also become one of the leading financer with the help of multi asset brokerage.
PACE provides low-cost, long-term financing for a variety of energy efficiency, storm protection, and other home improvement projects. Most PACE providers offers 100 percent financing on eligible projects. Even better, you can spread out repayments over 30 years. That means that now is the perfect time to get impact windows and doors installed before hurricane season begins.
Is there a Florida State rebate for impact windows?
Gov. Ron DeSantis (R-FL) signed House Bill 7101 in 2022. This bill provides a two-year sales tax exemption for individual taxpayers who own a home and purchase impact resistant windows and doors for residential properties in the state of Florida. This rebate refers to the materials purchased by customers in Florida but not the service portion of the whole project which does not have a sales tax. This equates to a 2-4% discount off of the full sales price for a job done by a contractor which includes materials, the cost of labor, and the contractor’s markup.
At ASP Windows, we have an unrivaled selection of the highest-quality impact hurricane windows and doors that are energy star rated to ensure your home is not only energy efficient but secure. We’re a local and family-owned company, so we know what it means to live in Florida during hurricane season. If you’re looking to replace your old-fashioned windows, give us a call anytime at (888) 782-8342 to get started.