Ah yes, it’s that time of year again. Tax season—when we all get real familiar with our receipts and either cry into our coffee or dream about that refund check.
But here’s some good news for my fellow Colorado Springs homeowners: if you’ve made energy upgrades recently—or plan to—you might be able to get a serious chunk of it paid for by Uncle Sam.
Let’s walk through 5 ways to put your remodel to work for your taxes—and your wallet.
1. Claim Up to $3,200 in Federal Tax Credits (Do It Now!)
If you installed any of the following in 2024, you could be eligible for a 30% federal tax credit:
- Heat pumps
- New insulation or air sealing
- Energy-efficient windows/doors
- Electrical panel upgrades
- Heat pump water heaters
Use IRS Form 5695 and claim up to $3,200/year!
2. Plan Ahead: $14,000 in Rebates Are Coming
In the Inflation Reduction Act, the government created The Home Electrification and Appliance Rebates (HEAR) to make it more affordable for more Americans to install electric appliances and complete electrification upgrades for their homes. HEAR rebates will be available for technologies such as heat pumps, heat pump water heaters, and electric load service centers and wiring. Rebate amounts will vary based on household income and expected energy savings, but under federal guidelines, the maximum amount of rebates that any household may qualify for under the program is $14,000.
If you're remodeling this year, plan around this:
- Up to $8,000 for heat pumps
- $4,000 for panel upgrades
- $1,600 for insulation
- $2,500 for rewiring
They're income-based, but even middle-income homeowners in the Springs can qualify.
More info: energyoffice.colorado.gov
3. Stack Local Rebates from Colorado Springs Utilities
Don’t leave CSU money on the table. You can currently get:
- Up to $3,750 for insulation installation (psst...HOMEfix is currently offering $150 off insulation right now!)
- $1,200 for installing a qualifying heat pump
- Rebates on water heaters, windows, fans & more
- Free home energy audits
👉 Grab the full list here: csu.org → Residential Rebates
4. Need Financing? Use Colorado’s RENU Loans
Doing a bigger remodel? Colorado’s RENU Loan Program helps homeowners pay for energy upgrades with:
- Low-interest rates
- No money down
- $500-$75,000 loan amounts
- 100% financing for qualifying projects
Great for HVAC, insulation, solar panels, and even EV chargers.
Learn more: coloradocee.org
5. Go Solar Now, Reap the Tax Breaks Later
Solar systems and battery storage qualify for a 30% federal tax credit, and that’s staying locked in through 2032. Combine it with CSU’s net metering and you’re saving now and at next year’s tax time.
Pro tip: Even if you didn’t install in 2024, you can plan now to claim it next year.
Final Thoughts
Tax Day isn’t just about paying up—it’s also a chance to cash in. If you’ve made energy upgrades, get that money back. If you’re planning a remodel this year, use the rebates and credits to stretch your budget.
