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Get Tax Breaks & Save Money With Home Insulation Projects

Whether it is summer or winter, one thing that you will probably agree on is that your house is a lot more livable because of having home insulation. If you added insulation to your house before the end of the previous year, you now qualify to collect an energy tax credit of $500.

Tax credit deadlines and limits:
It is a lifetime credit of 10% of expenditures for all green energy improvements combined, which equals to nearly $500 for the year.

You are eligible as long as you had installed insulation in your house by December 31, 2013. Make sure you have labels and receipts as proof. Keep in mind that IRS Form 5695 will have to be filed with the return.

Insulation Costs
It is a comparatively affordable home improvement project to add insulation to your house, and you can feel the savings almost immediately. If you are a Do-It-Yourselfer, you can even tackle an insulation project yourself over a weekend.

So for instance, if you have a 2,200 square-foot home, adding attic insulation will cost you anywhere between $1,000 and $2,500 including labor. This depends on how much is put it and how easily the home insulation can be installed. When being added around ductwork that is hard-to-reach or to exterior walls, expense and effort can go up.

R-Values Of Insulation
The insulating power of insulation depends on its number value, which is a measurement of how well it resists heat flow. For most attics, the recommended R-values of insulation should be anywhere between 30 and 60. The sweet spot for most attics is usually R-38, which depending on the type of insulation is anywhere between 12 and 15 inches. In colder climates, insulation with an R-Value of R-49 is recommended.

Energy Audits & Savings
Depending on your location and how much home insulation is currently installed in your house, you can trim your household cooling and heating costs up to 50% with the addition of more. With merely 6 inches of R-30 insulation, around $200 can be saved annually. Even more ways of saving energy can be uncovered with energy audits.

Last year, the tax break for many energy-efficient home improvements made through 2013 was extended by Congress. That is why up to $500 can be received in total tax breaks if you qualify for any home green energy improvements you have made since 2006. If you have not already claimed a break of $500 or more for home improvements, such as home insulation, then go ahead and take it now.

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