Energy-efficient home improvements—ones that can save you real money each month on your utility bills—qualify for federal tax credits and other local incentives. SIU Credit Union can help make your home a little “greener.”
Federal tax credit
Reinstatement of tax credits for energy-efficient home improvements was part of the American Taxpayer Relief Act.
Congress made the tax credits retroactive, which means that improvements you made in 2012 and 2013 qualify. The program has a cap of $500 in total credits and the improvements must be made to your principal residence. To make sure that the product you’re purchasing qualifies for the energy credit, check the IRS website atirs.gov.
Tax credit vs. tax deduction
You’ve probably heard both terms, “tax credit” and “tax deduction.” A tax credit is an actual dollar amount subtracted from the tax you may owe. A tax deduction decreases the amount of income that needs to be taxed. So, the fact that energy-saving home improvements qualify for credits is an especially good deal for homeowners.
A good way to find out about green energy improvements is to conduct an energy audit.. Your energy auditor may suggest upgrading appliances, replacing windows, adding insulation, or repairing leaks.
Need some dough?
SIU Credit Union is currently offering Home Equity Rates as low as 3.49%* for 60 months at 80% LTV.
Energy-saving improvements benefit your community and your wallet—SIU Credit Union can help make these improvements possible. Stop by or call us today at 618-457-3595.
*Annual Percentage Rate. Subject to credit approval. Offer valid for new Home Equity loans with a minimum amount of $5000 and a maximum amount of $100,000. Actual APR depends on credit qualifications and loan-to-value ratio. Disclosed APR valid for loan-to-value ratio up to 80% as stated on 2013 property tax bill. (The combined amounts of your first mortgage and the amount of your Home Equity loan may not exceed 90% of the value of your home.) Other rates available up to 90% loan-to-value ratio. New appraisal may be required. SIUCU will not pay for any required appraisal. Property and/or flood insurance may be required. Offer valid for primary owner-occupied dwellings only. Consult a tax advisor regarding deductibility of interest. Membership required. Federally insured by NCUA. Offer valid March 28, 2015, to June 30, 2015, but may end at anytime without notice. Call 1-800-449-7301 for details.