The Tax Credits Are Here!
On January 1, 2013 the U.S. Congress passed the American Taxpayer Relief Act of 2012. This means you may be able to take a tax credit for upgrading your water heater or HVAC system to make your home more energy efficient.
As always there are conditions that have to be met for your installation to qualify. If you have taken more than $500.00 in tax credits for energy efficient upgrades since 2005, you are not eligible for any further credits. The maximum credit is $500.00 but the amount differs with different equipment installations. You can take a tax credit on more than one installation as long as the combined sum of the credits does not exceed $500.
Qualified equipment includes:
- $300 tax credit limit for central split-system air conditioners meeting or exceeding 16 SEER and 13 EER. $300 tax credit limit for split-system air conditioners meeting or exceeding 15 SEER, 12.5 EER and 8.5 HSPF.
- $300 tax credit limit for package air conditioners and package gas/electric units meeting or exceeding 14 SEER and 12 EER.
- $300 tax credit limit for packaged heat pumps and packaged dual-fuel systems meeting or exceeding 14 SEER, 12 EER and 8HSPF.
- $150 tax credit limit for furnaces, (natural gas, propane or oil) meeting or exceeding 95% AFUE.
- $50 tax credit limit for advanced main air circulating fan using no more than 2% of the furnace's total energy.
- $150 tax credit limit for boilers, (natural gas, propane and oil) meeting or exceeding 95% AFUE.
- $300 tax credit limit for electric heat pump water heaters with an energy factor of at least 2.0.
- $300 tax credit limit for natural gas, propane and oil water heaters with an energy factor of at least 0.82 or a thermal efficiency of at least 90%.
If you think you may qualify, check with your tax preparer. If you need any information about recent upgrades we have done for you, just give us a call.