When it comes to energy-efficient HVAC installation in Charleston, there’s great news for your family at tax time.
The Residential Energy Efficient Property Credit will now go through 2020. This could entitle you to reductions for energy-efficient home modifications, like new heating and cooling equipment, water heaters and heat pumps.
What Equipment is Eligible?
To qualify for the reduction, the house is required to be the taxpayer’s chief home in the USA. The improvement should last for a minimum of five years, with the original use beginning with the homeowner.
What Types of Changes are Qualify for High-Efficiency Renovations?
Generally, this tax credit is equivalent to 10% of the price of the ensuing energy-saving improvements that achieve 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
- Particular exterior storm windows, skylights and storm doors
- Solar/geothermal energy products, such as solar electricity, solar water heaters and geothermal heat pumps
Am I Limited to Claiming a Certain Amount?
Yes, there’s a lifetime restriction of $500 per home. This means if you have claimed this incentive in prior years, you are required to decrease any credit you previously claimed.
If you’ve previously claimed the highest amount, you aren’t eligible for any other credits with this continuation.
Credit Maximums for Specific Units
Credits are restricted for certain participating solutions:
- 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 Equipment Today
Been putting off getting new heating and cooling system? Talk with the Experts at 843-410-6103 or contact us online. We can help you find an energy-efficient system you can earn tax benefits during the upcoming year.