The holidays are over and another new year begins and that means tax time is around the corner. Don't miss out on significant homeowner write offs you can claim. The new home energy savings act has been extended and upgraded for residential, commercial and home builders. If you bought a new air conditioner or furnace in the last couple of years this is for you.
Energy Tax Credits
Energy efficiency improvements in your home can not only decrease your utility bills and improve your indoor comfort…but can put cash back in your pocket at tax time. Most of the home energy tax credits expired in 2017 but recently the residential energy efficiency tax credit was reinstated and retroactive to 2018.
Qualified HVAC improvements are eligible to claim 10 percent of the installed costs, and a maximum credit of $500. Potentially the Home Energy Savings Act could be extended to 2026 with a lifetime cap increase to $1200!
What equipment qualifies?
Homeowners can still reference the 2017 eligible equipment list even though it may be tweaked a bit.
- Electric heat pumps - FACT: Did you know Reliable Heating & Air is GA Power's #1 Heat Pump Installer in Georgia?
- Electric heat pump water heaters
- Air conditioning systems
- Water heaters
- Natural gas furnaces
- Natural gas boilers
Commercial business owners you are eligible too!
If you own a commercial building and have upgraded your energy efficiency by installing new heating and cooling equipment in the past 2 years make sure to claim your deductions.
Fill out your form 5695 for residential energy credits this year when you file.
If your looking to replace your heating & cooling system or water heater soon make sure let Reliable Heating & Air provide you with a free no obligation in home estimate. Upgrading HVAC efficiency has an immediate impact on your utility bills and now with the tax credits…saves you even more.