In regard to 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 updated heating and cooling equipment, water heaters and heat pumps.
What Are the Eligibility Requirements?
To be entitled for the incentive, the home is required to be the taxpayer’s chief home in the U.S.. The enhancement must last for at least five years, with the original use originating with the homeowner.
What Varieties of Improvements are Regarded as High-Efficiency Renovations?
Usually, this tax credit is equivalent to 10% of the cost of the following energy-saving enhancements that meet particular 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
- 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 limitation of $500 per home. This means if you have used this credit in prior years, you should reduce any credit you previously claimed.
If you have claimed the highest amount, you won’t qualify for any extra incentives under this extension.
Credit Caps for Particular Items
Incentives have a limit for some qualified equipment:
- 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.
Upgrade Your Heating and Cooling Units Today
Been procrastinating buying new heating and cooling equipment? Call the Experts at 386-310-2061 or contact us online. We can help you select an energy-efficient system you can get tax benefits from the following year.