As far as energy-efficient HVAC installation in Daytona Beach, there’s great news for you this tax season.
The Residential Energy Efficient Property Credit has been lengthened through 2020. This may qualify you for incentives for energy-efficient home enhancements, like modern heating and cooling equipment, water heaters and heat pumps.
What Are the Eligibility Requirements?
To be entitled for the reduction, the home is required to be the taxpayer’s chief home in the USA. The improvement must last for a minimum of five years, with the original use originating with you.
What Varieties of Improvements are Regarded as High-Efficiency Updates?
Usually, this tax credit is equivalent to 10% of the cost of the following energy-saving changes that meet particular ENERGY STAR® guidelines:
- 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
- Particular metal and asphalt roofing
- Energy-efficient exterior storm windows, skylights and storm doors
- Solar/geothermal energy products, for instance solar electricity, solar water heaters and geothermal heat pumps
How Much Can I Claim?
Yes, there’s a lifetime max credit of $500 per home. This means if you have used this credit in past years, you should reduce any credit you already claimed.
If you have claimed the highest amount, you won’t qualify for any other reductions under this extension.
Credit Maximums for Particular Items
Tax reductions have a limit for some qualified solutions:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient systems—$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.
Upgrade Your Heating and Cooling Units Today
Been procrastinating upgrading your heating and cooling equipment? Call the Experts at 386-310-2061 or contact us online. We can help you find an energy-efficient system you can get tax benefits from the next year.