When it comes to energy-efficient HVAC installation in Charleston, there’s fantastic news for your family this tax period.
The Residential Energy Efficient Property Credit has been lengthened through 2020. This might qualify you for reductions for energy-efficient home enhancements, like new heating and cooling units, water heaters and heat pumps.
What Equipment is Eligible?
To qualify for the incentive, the house should be the taxpayer’s chief house in the U.S. The improvement needs to last for a minimum of five years, with the original use starting with you.
What Types of Enhancements are Qualify for High-Efficiency Updates?
Generally, this tax incentive is equivalent to 10% of the expense of the subsequent energy-saving improvements that match 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
- Particular exterior storm windows, skylights and storm doors
- Solar/geothermal energy products, such as solar electricity, solar water heaters and geothermal heat pumps
Is There a Limit to How Much I Can Claim?
Yes, there’s a lifetime restriction of $500 per home. This means if you have claimed this reduction in past years, you are required to decrease any credit you previously claimed.
If you’ve already claimed the highest amount, you aren’t eligible for any extra credits through this expansion.
Credit Maximums for Specific Units
Credits are limited for certain eligible 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 units? 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.