In regard to energy-efficient HVAC installation in Grand Island, there’s great news for homeowners at tax time.
The Residential Energy Efficient Property Credit has been extended through 2020. This may qualify you for incentives for energy-efficient home improvements, like updated heating and cooling systems, water heaters and heat pumps.
What Equipment is Eligible?
To be entitled for the incentive, the home must be the taxpayer’s main house in the U.S. The improvement should last for at least five years, with the original use beginning with the taxpayer.
What Types of Enhancements are Qualify for High-Efficiency Updates?
Generally, this tax credit is equivalent to 10% of the price of the subsequent energy-saving changes that match specific ENERGY STAR® guidelines:
- Advanced main air-circulating fans
- Energy-efficient gas, propane or oil furnaces
- Energy-efficient gas, propane or oil hot water boilers
- Energy-efficient heat pumps
- Energy-efficient water heaters
- Energy-efficient central air conditioners
- Insulation
- Qualified metal and asphalt roofing
- Certain exterior storm windows, skylights and storm doors
- Solar/geothermal energy equipment, like solar electricity, solar water heaters and geothermal heat pumps
Is There a Maximum Amount I Can Claim?
Yes, there’s a lifetime restriction of $500 per home. This means if you have claimed this reduction in prior years, you should decrease any credit you previously claimed.
If you’ve already claimed the max amount, you aren’t eligible for any additional incentives through this continuation.
Credit Maximums for Certain Equipment
Credits are restricted for certain participating equipment:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient equipment—$300
If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.
Enhance Your Heating and Cooling Equipment Today
Been putting off installing new heating and cooling units? Talk with the Experts at 308-210-4398 or contact us online. We can help you select an energy-efficient system you can reap tax benefits from the next year.