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Did you know that if you have installed a high efficiency furnace or air conditioner in 2012 or 2013 that you could be eligible to receive a tax credit? Thanks to the extension of the American Taxpayer Relief Act of 2012, certain energy efficient heating and cooling equipment will qualify. If upgrading your system has been on your to-do list, be sure to do so before the end of the year!
What Heating and Cooling Equipment Qualifies for Tax Credits?
- Heat pumps are eligible for up to a $300 tax credit. Split systems must have an HSPF that is greater than 8.5, an SEER that is greater than 12.5, and a SEER greater than 15.
- Air conditioners qualify for up to a $300 tax credit. They must have a SEER of 16 or greater and an SEER of 13 or greater if it is a split system. If it is a pack system, SEER must be 14 or greater and SEER must be 12 or greater.
- Natural gas, propane, or oil furnaces are eligible for up to $150 tax credit. They must have an AFUE of 95 or greater.
Does Water Heating Equipment Also Qualify?
Tankless gas water heaters, heat pump water heaters, and high efficiency gas boilers are eligible for tax credits. If you have upgraded your home recently to include these products, make sure that you claim your tax credits.
What Amount of Tax Credits is the Maximum for Approved Homeowners?
Eligible homeowners may receive a maximum of $500 in tax credits according to the American Taxpayer Relief Act of 2012. If $500 or more has been claimed in any year prior to 2013, you are ineligible to claim credits on new improvements.
By installing high efficiency air conditioners and furnaces, you will be able to save money in taxes and energy bills as well. For more information about energy efficient heating and cooling equipment or to schedule an installation, give Getzschman Heating & Cooling a phone call today.