Can I Get Tax Credits for My New Furnace?

For a lot of families, there usually seems to be a large list of home improvement projects that they want to do or new ideas they’d like to give a shot. While some may not be necessities, furnace replacement is a task that may be vital to keeping your home comfortable through the winter months in Litchfield Park.

Getting a new furnace is a big investment. You’ll definitely realize the return-on-investment on your indoor comfort along with your energy costs, but it might be a bit intimidating at first. The good news is that when you pick a new energy-efficient furnace, you might be approved for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were extended through December 31, 2020. In order to obtain the tax credit, you are required to select a furnace that has earned the ENERGY STAR label. However, it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When browsing for furnace replacements, look for products with the ENERGY STAR rating so you can be confident you’re choosing a high-efficiency furnace.

At Cooler Tymes LLC, our team can help you determine a solution that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products designate high efficiency, you will want to confirm the furnace you select has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE indicates the percent of heat produced for every dollar of fuel consumed.

Taking advantage of this opportunity will not be the only savings you’ll find when you select a new high-efficiency furnace. Some of the most efficient products can save you hundreds of dollars on your energy bills all year long. And you’ll also have more confidence in your HVAC system to keep your house at just the right temp.

If you have questions regarding your eligibility for a tax credit, or if there are additional local savings you might be eligible for by getting a new high-efficiency furnace, give our professionals at Cooler Tymes LLC a call at 623-208-6444. You may also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.