Making the wise decision to insulate and air seal your attic can help you save money on your home’s heating and cooling costs. However, you might be wondering if adding attic insulation is tax-deductible. The answer to that question is yes and no. While the federal tax credit for adding or upgrading the insulation or air sealing your home has expired, there are other ways to recoup this important investment for your Albuquerque home through energy rebates.
2019 New Mexico Gas Company Rebates
Customers of New Mexico Gas Company can receive a rebate of up to $500 with its tiered 2019 rebate program:
- Tier I provides a rebate of 25% of the cost, up to $500 to upgrade existing R-11 or lower insulation to R-19 insulation or higher.
- Tier II provides a rebate of 25% of the cost, up to $300 to upgrade existing insulation which is between R-12 to R-19 to R-38 or higher.
A licensed and insured program-participating contractor must perform the work. Insulation must be installed between April 1, 2019, and March 31, 2020, to be eligible for a rebate with the 2019 program.
PNM Home Energy Efficiency Assessment Rebate
Public Service Co. of NM customers might be eligible for a rebate of 5 to 10% of the cost for insulating their attics. To qualify for this rebate, you must schedule a PNM Home Energy Checkup and choose an energy-saving package option. Appointments and rebates are available on a first-come, first-served basis.
Tax Credits for Home Equity Loans
The tax code has changed how taxpayers can claim home loan interest. However, if you used your HELOC to pay for significant home improvements, you can claim the interest on your federal tax return up to the allowed limits.
Why is Insulating Your Attic So Important?
Insulating your home’s attic accomplishes three things:
- Makes your home more comfortable throughout the entire year
- Prolongs the life of your roof
- Lowers your home’s heating and cooling costs by up to 20%
Insulating and air sealing your attic is an investment in protecting your biggest investment, your home. In the Albuquerque area, contact Millers to schedule your free insulation and energy assessment. We have been improving life and comfort for area residents since 1985 with our trusted and reliable service.