Can I receive a tax credit for my new furnace?
For many households, there usually seems to be a lengthy list of home improvement projects that they want to do or new ideas they’d like to try. While several may not be necessities, furnace replacement is an example of a project that might be critical to keeping your home comfortable through the colder months in Abilene.
Getting a new furnace is a great investment. You’ll definitely feel the return-on-investment on your indoor comfort in addition to your utility costs, but it could be a bit intimidating at first. The good news is that when you pick a new energy-efficient furnace, you could be eligible for a federal tax credit.
According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were pushed through December 31, 2020. In order to obtain the tax credit, you are required to buy 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 shopping for furnace replacements, watch for products with the ENERGY STAR rating so you can be confident you’re selecting a high-efficiency furnace.
At Abilene Air-Tech Inc, the experts will help you identify a solution that fits your needs and ensures you qualify for this tax credit. While ENERGY STAR products signify high efficiency, it’s important to clarify that the furnace you choose 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.
Qualifying for the tax credit will not be the only savings you’ll receive when you select a new high-efficiency furnace. Many of the most efficient furnaces can save you hundreds of dollars on your utility costs throughout the year. And you’ll also have more confidence in your HVAC system to maintain your indoor space at just the right temperature.
If you have questions about your eligibility for a tax credit, or if there are additional local savings you could be eligible for by purchasing a new high-efficiency furnace, give our teams at Abilene Air-Tech Inc a call at (325) 692-5850. You may also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.
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