$500 Federal Tax Credit Announced For Energy Saving Window Film
WASHINGTON, D.C. / ACCESSWIRE / March 2, 2020 / The International Window Film Association ( IWFA ) announced that a Federal tax credit of up to $500 is available for qualifying residential window film.
The tax credit is available for up to 10 percent of the documented amount paid for qualified nonbusiness residential energy efficiency improvements installed during 2019 and this year through December 31, 2020. The credit may also be available for window fim installed in 2018 with the filing of an amended tax return. The tax credit for qualifying energy saving products is cumulative for a total, combined, credit limit of $500 for all tax years after 2005.
According to the IRS’s 1040 instructions for the 2019 tax year, a completed Form 5695 may be needed to take the nonbusiness energy property credit for “any insulation material or system primarily designed to reduce heat gain or loss in your home.” Qualified building components are expected to remain in use at least 5 years, and must meet certain energy standards, according to the IRS.
“Once a professional installation has been completed, window films offer a long-term and cost-effective energy-savings solution delivering multiple benefits to homeowners eager to upgrade their existing windows in good condition to more modern building standards,” said Darrell Smith, executive director of the IWFA.
Window film may reduce solar heat gain by up to 80 percent, reduce cooling demand by 30 percent and some films reflect interior heat back inside in winter similar to low-e glass windows, while allowing in natural light without the impact of harmful UV exposure. The IWFA estimates installing window film may cost up to 91.5 percent less than installing new windows.
Consumers should check with their window film installer or manufacturer to learn about window films that may qualify under the tax incentive program and their tax advisor to determine eligibility with respect to the announced tax credit.
Window films are adhered permanently to the inside or outside of glass surfaces and are innovative products manufactured with multiple high-tech, nearly invisible, coatings. Window films may play a key role in helping to achieve lower carbon emissions by reducing the amount of energy used in buildings and extending the life of windows that are in good condition, but lack needed energy saving factors.
Many window films are rated and certified for their energy performance by the National Fenestration Rating Council, which also created window certification for consumers. The IWFA believes that replacing structurally sound windows may not be as cost-effective and they are prime candidates for upgrading to improved energy standards with professionally installed window films.
About The International Window Film Association
The International Window Film Association ( IWFA ) ( www.iwfa.com ) is a nonprofit industry body of window film dealers, distributors, and manufacturers that facilitates the growth of the window film industry through education, research, advocacy and public awareness. When you look for window film, look for the IWFA logo. Like us on Facebook, follow us on Twitter and see more information on YouTube.
SOURCE: The International Window Film Association
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