TAX CREDITS ON HVAC EFFICIENCY IMPROVEMENTS THROUGH 2020
In December 2019, Congress passed legislation that renewed the tax credits for 2020 and made them retroactive back to 2018. For qualified HVAC improvements, homeowners may be eligible to claim the federal tax credits equal to 10% of the installed costs; a maximum tax credit of $500.
If you purchased a system from Harker Heating and Cooling in the past, or are thinking of purchasing another system from us in the near future, you could be qualified for up to $500 in additional savings in the form of tax credits for 2018, 2019, and 2020! The tax credit is retroactive.
Of course, we’re not tax professionals, so be sure to consult your tax advisor before filing your taxes.
Here is a website for you to see for yourself: Read About 2020 Tax Credits
For updated information from the IRS, you can visit their recently released information.
• Instructions for Form 5695
• Form 5695
If you purchased a 95%+ AFUE Furnace, 16 SEER or above AC unit, 14 SEER or above on Packaged units, or many other energy efficient home enhancements, you could qualify for an additional $500 off your taxes!
TAX-SAVINGS ON ENERGY EFFICIENT HVAC EQUIPMENT
Through December 31, 2020, the federal government is offering tax credits for different types of high-efficiency HVAC systems. This applies to Energy Star-qualified equipment installed in an existing home/principal residence, and the amount varied depending on the equipment type:
Central air conditioners, packaged units, heat pumps and ductless mini-split systems qualified for a credit of up to $300.
Propane, natural gas and oil furnaces and boilers qualified for a tax savings of up to $150.
An Advanced Main Air Circulating Fan is an efficient fan, or blower motor which blows the air that your furnace heats up through the duct system – $50.
If you’re thinking about upgrading to new energy-efficient HVAC equipment for your home and you’d like to explore your options or learn whether there are tax credits available, contact us at Harker Heating & Cooling. Info@HarkerHeating.com
