An important tax credit homeowners should have their eyes on is the extant Residential Energy Efficient Property Credit, which also gets an updated name under the Inflation Reduction Act. It’s currently known as the Residential Clean Energy Credit. The credit reduces the cost to install qualifying systems that use solar, wind, geothermal, qualified battery storage technology, biomass or fuel cell power to produce electricity, heat water or regulate the temperature in your home. Previously, the credit was scheduled to expire in 2024 but now is extended through 2034.