Consider our Fixed Home Equity Loan and Home Equity Line of Credit (HELOC) options
Looking to renovate your home, consolidate debt, or pay for tuition? Fixed home equity loans and home equity lines of credit (HELOCs) could be your financial lifelines. At Methuen Credit Union, we work hard to find most financially sound decision for our members! A Fixed Home Equity Loan offers a lump sum of money, perfect for tackling large projects or expenses with a set interest rate and predictable monthly payments. Whether it’s a kitchen remodel, debt consolidation, or investing in education, you can take control of your finances. On the other hand, a Home Equity Line of Credit (HELOC) provides you with a flexible credit line based on your home’s equity. You can draw funds as needed and only pay interest on what you use. This versatility makes it an ideal choice for ongoing expenses or those unexpected financial challenges.
Maximize Your Savings: Tax Incentives for Home Renovation Projects
You might be delighted to learn that there are several tax incentives and deductions available to homeowners who embark on home improvement ventures. These incentives not only make your renovation more affordable but also promote energy efficiency and sustainable living.
25C Energy Efficient Home Improvement Credit and 25D Residential Clean Energy Property Credit
If you make energy improvements to your home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act
Energy Efficient Home Improvement Credit
These expenses may qualify:
- Exterior doors, windows, skylights and insulation materials
- Central air conditioners, water heaters, furnaces, boilers and heat pumps
- Biomass stoves and boilers
- Home energy audits
The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:
- 2022: 30%, up to a lifetime maximum of $500
- 2023 through 2032: 30%, up to a maximum of $1,200 (heat pumps, biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit
IRS guide on Energy Efficient Home Improvement Credit
