When it comes to energy-efficient HVAC installation in Haltom City, there’s fantastic news for your family at tax time.
The Residential Energy Efficient Property Credit has been extended through 2020. This could entitle you to incentives for energy-efficient home modifications, like modern heating and cooling systems, water heaters and heat pumps.
What Makes My Purchase Eligible?
To become eligible for the incentive, the home is required to be the taxpayer’s chief home in the United States. The enhancement must work for a minimum of five years, with the initial use beginning with the taxpayer.
What Types of Improvements are Qualify for High-Efficiency Renovations?
Usually, this tax credit equals 10% of the cost of the subsequent energy-saving improvements that match specified ENERGY STAR® requirements:
- 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
- Energy-efficient metal and asphalt roofing
- Qualified exterior storm windows, skylights and storm doors
- Solar/geothermal energy equipment, for instance solar electricity, solar water heaters and geothermal heat pumps
Is There a Limit to How Much I Can Claim?
Yes, there’s a lifetime limit of $500 per location. This means if you have used this reduction in previous years, you must lower any credit you claimed earlier.
If you’ve previously claimed the max amount, you won’t be eligible for any other reductions under this extension.
Credit Maximums for Particular Units
Incentives are restricted for a few qualified equipment:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient systems—$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 procrastinating buying new heating and cooling system? Call the Experts at 817-668-6689 or contact us online. We can help you select an energy-efficient system you can earn tax benefits from the next year.