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As an insulation company serving New Mexico since 1985, Millers understands the importance of maintaining energy efficiency and comfort in your home or business. To help offset the cost of insulation installation or upgrade, federal and local tax credits are available to residents throughout New Mexico. In fact, insulation has the highest payout of eligible materials. Millers is familiar with all the details and restrictions, so we can advise if your insulation project qualifies.

How Much Will You Save With The Insulation Tax Credit?

To achieve greater energy efficiency, use this calculator to determine how much money you can save by adding insulation or air sealing.

ICAA Tax Calculator

Federal Tax Credit

Due to the Inflation Reduction Act (IRA), section 25C, The Energy Efficient Home Improvement Credit, starting January 1, 2023, until January 2032, homeowners can qualify for a 30% tax credit or a yearly maximum of $1,200 on all expenses related to their home energy efficiency projects, including insulation.

Tax Eligibility

Serving New Mexico Residents

At Millers, we proudly assist New Mexico homeowners and businesses with their insulation and air-sealing needs. With our award-winning customer service, high-quality products, certified installers, and personalized attention to detail, we ensure an exceptional experience. Our service area encompasses communities throughout New Mexico, including:

Albuquerque, NM
Belen, NM
Edgewood, NM
Gallup, NM
Las Vegas, NM
Los Alamos, NM
Los Lunas, NM
Moriarty, NM
Santa Fe, NM
Taos, NM

Contact Millers Insulation

About Us

Since 1985, Millers has faithfully served New Mexico residents with unmatched service and workmanship. We are a second-generation, family- and woman-owned business. As an independently owned and operated company, we prioritize customer satisfaction as our #1 objective.

Our awards and certifications make us the preeminent energy experts you can depend on to provide you with the most extensive knowledge in the industry. We stand behind our products with the best and most exclusive warranties, including the Owens Corning CEE Limited Warranty.

Frequently Asked Questions (FAQs)

What is the Energy Efficient Home Improvement Credit?

Adding insulation and air sealing to your home will lower energy costs and contribute to a clean energy future. To sweeten the deal for upgrading your insulation, the federal government offers a tax credit that can shave as much as $1,200 off your federal income tax bill.

The tax credit equals 30% (up to $1,200) of the amount paid by the taxpaying homeowner for qualified energy efficiency improvements. These improvements include insulation and air-sealing materials. The credit does not apply to labor/installation costs.

What is a tax credit, and how is it different from a tax deduction?

A federal tax credit reduces the federal tax owed, dollar for dollar. A federal tax deduction reduces the amount of federal income taxed and is not as “valuable” as a federal tax credit.

Assume you prepare your federal tax return and owe $3,000. If you qualify for a $1,200 federal tax credit, you will only owe $1,800.

When did the Energy Efficient Home Improvement Credit come into existence?

This federal tax incentive to make your home more Energy efficient is part of the new climate and tax law, the Inflation Reduction Act of 2022, under Section 25C of the Internal Revenue Code, and applies to insulation upgrades made on or after January 1, 2023.

Who is eligible for this federal government incentive (in the form of a tax credit)?

All taxpaying homeowners are eligible. The taxpayer must own and use the home as their principal residence. The tax credit does not apply to a newly constructed home, and homeowners without a federal tax liability are not eligible for the credit.

How do I know if my house needs more insulation and air sealing?

Over 78 million homes remain underinsulated today. This issue is likely the result of older, less stringent energy codes and certain homebuilders focusing on low-cost and bare-minimum insulation options during construction. Now is an ideal time to bring your insulation levels up to today’s standards.

Where can I install the insulation and air-sealing materials?

Attics are the primary place to secure the biggest bang for your buck. Other areas include exterior wall cavities, basements, crawlspaces, garage ceilings, bonus rooms, and the attic access panel/drop-down stairs.

How much money will I get back if I am eligible and apply for the tax credit?

The maximum amount of money returned to the homeowner through the tax credit is $1,200.

What must I do to obtain the tax credit?

Follow these steps:

Have insulation materials installed. Installing to the prescriptive insulation requirements of the 2021 International Energy Conservation Code will qualify. Generally, this action means increasing your insulation to R49 or R60 in the attic space, depending on your climate zone.
You can also choose to air seal, which is a cost-effective way to improve energy efficiency, increase comfort, and cut heating and cooling costs.
To claim the credit, keep all your receipts and manufacturer statements related to the insulation installation.

File IRS Form 5695 along with your IRS Form 1040.

What insulation products qualify for the tax credit?

Insulation materials designed to reduce heat loss or gain from a living space qualify. This list includes insulation, air sealants, vapor and air retarders, recessed light covers, and attic hatch covers, as long as these materials meet the prescriptive criteria for such components established by the most recent International Energy Conservation Code standard in effect as of the beginning of the calendar year, which is two years before the calendar year in which such component is placed in service.

How do I best conserve energy and reduce greenhouse gas emissions?

No other energy conservation system is quicker to install, less costly, or more certain to succeed than insulation and air sealing. Insulation is a cost-effective, energy-saving measure that increases building comfort while reducing greenhouse gas emissions and contributing to a green environment.

Why should I hire a professional insulation contractor?

Because you want insulation materials professionally installed safely and to the manufacturer’s specifications and ASTM standards. For example, improper preparation and installation of insulation can cause moisture/mold issues, trap existing house toxins, and cause fire risks or other unsafe conditions due to excess heat buildup in some recessed lighting fixtures.

A reputable insulation contractor will follow the U.S. Federal Trade Commission R-Value Rule, which governs the sale of insulation by manufacturers and professional installers.

Contact Us

At Millers, we provide exceptional insulation services for your home or business. Trust us to be the only insulation professional you will ever need. Contact us today to schedule a consultation or to receive a free estimate.