There are federal tax credits available for Energy Star gas furnaces. The tax credit for qualifying furnaces is $150, with an additional $50 for advanced main circulating fan. There is also a tax credit of 10% on other qualified energy efficient upgrades.
A homeowner in Brookline, NH was looking to upgrade his heating system to a more energy efficient unit. He quickly learned about the tax credits that could be available to him through this type of upgrade.
Energy Property Tax Credit
Upgrading your home’s HVAC unit to one that meets the efficiency standards set by the Department of Energy can make you eligible for some big tax savings. This equipment falls under the category of residential energy property costs. Eligible items include electric heat pumps and water heaters, central air conditioning systems, furnaces and advanced circulating fans.
The tax credit of 10% can be applied to the cost of qualified energy efficient improvements and 100% of the energy property costs for residences. There are some limitations around this program. The credit is worth a maximum of $500 with a maximum credit for a furnace set at $150 and an additional $50 for advanced main circulating fan.
Water heaters, which can account for up to 25% of a home’s energy consumption, can also qualify for tax credits. These include gas, oil and propane units with an overall efficiency rating of 0.82 or more, or a thermal efficiency rating of 90% or higher.
The manufacturer of the equipment can help you to determine whether it is eligible based on the guidelines set by the Department of Energy.
The homeowner in Brookline was eligible to take advantage of these furnace tax credits and can look forward to this savings.
Our sales team can determine the best solution for your heating needs. Call Joyce Cooling & Heating Inc. now (833) 222-4667 or visit our website.
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