2012 Heating and Air Conditioning Tax Credits
January 9th, 20122011/2012 HVAC Tax Credits
Over the past few years, there has been a significant increase in the amount tax and credit based incentives available to Americans meeting certain requirements. Included in these requirements are those that make alterations within their home(s) to become more energy efficient, thus benefitting the environment and in most cases saving homeowners money. Entering 2012, these incentives will continue to exist and might just benefit you and your home.
With a recent bill passed in December, federal taxpayers who install qualified energy efficient units or retrofits (including higher efficiency heating systems, ventilations systems, air conditioning equipment, etc.) may be eligible for up to $500 in tax credits, again depending on the unit and method of installation.
The breakdown of these credits are as follows:
-You can potentially qualify for a 10% tax credit of the unit cost, assuming a $300 expense limit, for a energy-efficient hot water heater, heat pump, or central air conditioner. Additionally, when installing smaller units such as a qualified furnace or hot water boiler, taxpayers may qualify for an additional 10% (up to $150). Installation costs may also merit a credit of 10%, given a $50 limit.
When evaluating this information with the premise of obtaining a new unit, the requirements for a heating system are as follows:
The heat pump must meed or exceed 15 SEER and 12.5 EER and 8.5 HSPF to qualify. Additionally, natural gas furnaces, propane furnaces, natural gas hot water boilers, propane hot water boilers, oil furnaces, and oil hot water boilers all must meet or exceed 95% AFUE.
With incentives like this, it’s really a great time to evaluate both the efficiency and operational price point of your unit. If you have any questions or would like more information, please contact our office toll-free at +1 (866) 885-7885.
No Comments »
No comments yet.
Leave a comment