Crunching the Numbers: How a Skylight Can SAVE You BigPosted by: Kat Wiseman
One of the most common misconceptions regarding skylights is that they're expensive to install and maintain. But did you know that the savings associated with having one can outweigh the cost of the installation and even the skylight itself?
From tax credits to utility savings, skylights can help you become more energy efficient while also saving you money.
The 30% Tax Credit
On October 3, 2008, the Emergency Stabilization Act was signed into law by President George W. Bush. President Barack Obama followed this up in February of 2009 by signing into law the American Recovery and Reinvestment Act (ARRA). These laws combined provide a 30% tax credit on both the purchase and installation of products in renewable technologies like solar electric property, residential solar water heating, as well as qualified small wind and geothermal heat pump energies, among others.
The tax credit is a direct debit of the taxpayer's total tax liability. And under these laws, VELUX Solar Powered Fresh Air Skylights and Solar Powered Blinds qualify as "Solar Electric Property" expenditures! In other words, if you install any of these products, the cost of your skylight, installation, and blinds are all eligible for a 30% credit.
What You Need to Do to Get It
To make sure you receive the 30% tax credit for your solar-powered skylights and/or blinds, be sure to keep your receipts for the total price paid (product and installation) for your qualifying products. You'll want to keep these along with a completed 30% Federal Tax Credit - Manufacturers Certification Statement in your records.
When tax time comes around, fill out and submit IRS Tax Form 56952 with the rest of your taxes. Be sure to include the tax credit on your 1040 Form as well. As in all tax matters, it's best to consult your tax professional if you have any questions or need further instructions on applying for and receiving your credit.
Estimate Your Federal Tax Credit Amount
Before you order and install your skylight, VELUX can help estimate the amount you'll receive in federal tax credit once everything's done. Just click on over to our Federal Tax Credit Estimator, answer a few questions, and voila! You've got an idea of how much you'll save!
Keep in mind that your calculated credit is based on the estimated costs for both product and installation, generated based on typical installation and use National averages. You can consult with your contractor for your actual costs on product and installation, as well as the costs of local delivery and any applicable sales tax.
Don't Forget About Utility Savings!
Energy efficiency is growing in importance for homeowners and builders alike. And when it comes to greener living, VELUX has been ahead of the curve. More than 90% of our products are ENERGY STAR qualified in all US climate zones so you can be sure heating and cooling your home will be much more efficient.
Venting skylights contribute to greater thermal comfort and ventilation within your home. And when you complete your skylight with light controls, like blinds, it helps remove excess heat, moisture, odors, and other indoor pollutants. Having the whole package can really help reduce how often you need to turn on the A/C or heat and save you tons in utility costs.
Or About VELUX's Warranty!
For more than 75 years, VELUX has been dedicated to producing high quality skylights you can rely on. That's why our commitment to you doesn't end once your skylight is installed. Each of our deck-mounted skylights comes with an industry first 10-year "No Leak" installation warranty, no matter who installs the skylight. And if you opt for our Clean, Quiet & Safe glass, we offer a 10-year warranty that ensures your skylight won't crack or break because of hail. We also offer 5-, 10-, and 20-year limited product warranties for specific product coverage issues, which you can learn more about from our VELUX Warranty PDF.
So, there may be some up-front costs for your skylight and installation, but having one can actually help save you more in the long run. Now if you're ready to get started on the skylight installation process, just head on over to our Before You Buy page to learn everything else you need to know!