If you have bought eligible energy-efficient equipment or home improvements in 2012 or 2013, there's still time to take advantage of federal tax credits before they expire. The reinstatement of the 25C residential energy-efficiency tax credits early this year created a great opportunity for homeowners to save money on their tax returns. You may be able to take advantage of these benefits with improvements in your Fort Wayne area home.
An eligible homeowner can claim a tax credit for up to 10 percent for certain qualified energy-efficiency improvements that add up to a maximum of $500. This includes HVAC systems, water heaters, insulation, windows, doors and many other items. Here are some examples of the potential upgrades that may qualify. Individual cap amounts for each item may vary:
- Biomass stoves with a thermal efficiency rating of 75 percent.
- Energy-efficient air-source heat pumps.
- High-efficiency central air conditioner. Ask your HVAC contractor which units may qualify.
- Gas, propane or oil hot-water boilers. These are typically used for radiant floor heating.
- Energy-efficient propane, gas or oil furnace.
- Self-installation for insulation.
- Advanced circulating air fan.
- Metal and asphalt roofs that meet Energy Star requirements.
- Certain water heaters that meet the required energy-efficiency standards. This includes a gas, oil or propane water heater with a thermal efficiency of at least 90 percent.
For HVAC systems in particular, homeowners may be eligible for tax credits that are 10 percent of the costs of installing a high-efficiency furnace, air conditioner or heat pump, with the upward limit $150, $300 and $300, respectively.
The energy-efficiency tax credits apply to upgrades in your existing home, and it must be your principal residence. Rentals are not eligible for these benefits. The incentive expires on Dec. 31, 2013, but is retroactive to upgrades purchased in 2012 and 2013.
For more expert advice on energy-efficiency tax credits, please contact us at Hartman Brothers Heating and Air Conditioning.
Our goal is to help educate our customers in New Haven, Indiana and surrounding Fort Wayne area about energy and home comfort issues (specific to HVAC systems). For more information about tax credits and rebates and other HVAC topics, download our free Home Comfort Resource guide.
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