As far as energy-efficient HVAC installation in Savannah, there’s good news for your family at tax time.
The Residential Energy Efficient Property Credit will now go through 2020. This can make you eligible for reductions for energy-efficient home modifications, like new heating and cooling systems, water heaters and heat pumps.
What Makes My Purchase Eligible?
To be entitled for the incentive, the house must be the taxpayer’s chief house in the U.S. The improvement must have a life of five years or more, with the original use originating with the homeowner.
What Kinds of Improvements are Regarded as High-Efficiency Updates?
Usually, this tax credit is equivalent to 10% of the price of the subsequent energy-saving enhancements that achieve specified ENERGY STAR® conditions:
- Advanced main air-circulating fans
- Energy-efficient gas, propane or oil furnaces
- Energy-efficient gas, propane or oil hot water boilers
- Energy-efficient heat pumps
- Energy-efficient water heaters
- Energy-efficient central air conditioners
- Insulation
- Certain metal and asphalt roofing
- Qualified exterior storm windows, skylights and storm doors
- Solar/geothermal energy equipment, such as solar electricity, solar water heaters and geothermal heat pumps
How Much Can I Claim?
Yes, there’s a lifetime limit of $500 per home. This means if you have claimed this reduction in prior years, you should reduce any credit you claimed earlier.
If you have claimed the top amount, you aren’t eligible for any additional credits with this continuation.
Credit Maximums for Particular Units
Credits are limited for some participating items:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient units—$300
If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.
Improve Your Heating and Cooling System Today
Been putting off buying new heating and cooling units? Talk with the Experts at 912-208-2399 or contact us online. We can help you choose an energy-efficient system you can earn tax benefits from the following year.