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Tax Credits for Energy Efficient Systems

Lower Energy BillIt’s undeniable.  It’s time to start thinking about tax season.  Everyone knows April 15 is the date by which we have to file our tax returns.  What you may not know is that you may be eligible for certain tax credits if you’ve made the effort to make your home more energy efficient. 

Have you recently replaced your furnace or boiler in your home?  This is just the type of upgrade that may provide you with a $150 tax credit if the replacement happened by the end of this year.   This credit applies to homeowners who have replaced their gas, oil, or propane furnace so make sure you’ve got all of your paperwork in order to give to your accountant or tax professional.

If you’ve replaced, or plan to replace your central air unit, heat pump, or hot water heater you may be looking at a tax credit of $300.   To qualify for the $300 you may need a certification statement from the installation company or manufacturer stating that the product is eligible for the credit.  There are regulations associated with obtaining this tax credit so be sure that your new items are installed by a reputable distributor that is aware of the qualifications.

Geothermal heat pumps, the system that is known to eventually pay for itself will net you a substantial tax credit.  The federal government has allowed a credit for geothermal heating and cooling systems through 2016.  This credit allows you to claim 30% of your total costs for installation and purchase. 

It’s not too late to obtain your new heating or cooling system and take advantage of these amazing tax credits, and A.C. Rimmer is here to help.  Contact us today to make your home more energy efficient!

Sources:

http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US43F

http://www.irs.gov/uac/Newsroom/Get-Credit-for-Making-Your-Home-Energy-Efficient

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