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 reduction, the home must be the taxpayer’s chief house in the U.S. The improvement should last for a minimum of five years, with the original use beginning with the taxpayer.
What Kinds of Changes are Qualify for High-Efficiency Renovations?
Generally, this tax credit is equivalent to 10% of the price of the ensuing energy-saving enhancements that match specific ENERGY STAR® conditions:
- 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
- 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 past years, you are required to decrease any credit you previously claimed.
If you’ve previously claimed the max amount, you won’t be eligible for any additional reductions through this continuation.
Credit Maximums for Particular Units
Credits are restricted for a few 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.
Improve Your Heating and Cooling Equipment Today
Been putting off installing new heating and cooling system? Reach the Experts at 308-210-4398 or contact us online. We can help you find an energy-efficient system you can reap tax benefits from the following year.