When it comes to energy-efficient HVAC installation in Fort Lauderdale, there’s fantastic news for you at tax time.
The Residential Energy Efficient Property Credit has been lengthened through 2020. This could make you eligible for credits for energy-efficient home improvements, like new heating and cooling units, water heaters and heat pumps.
What Equipment is Eligible?
To be entitled for the credit, the house should be the taxpayer’s primary house in the U.S. The improvement must work for a minimum of five years, with the original use starting with the homeowner.
What Types of Changes are Considered High-Efficiency Upgrades?
Typically, this tax credit is equivalent to 10% of the expense of the subsequent energy-saving enhancements that match specified ENERGY STAR® requirements:
- 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
- Qualified metal and asphalt roofing
- Certain exterior storm windows, skylights and storm doors
- Solar/geothermal energy products, for instance 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 used this incentive in previous years, you are required to lower any credit you already claimed.
If you have claimed the top amount, you aren’t eligible for any additional incentives through this extension.
Credit Maximums for Particular Items
Tax reductions are limited for certain qualified equipment:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient equipment—$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.
Improve Your Heating and Cooling Units Today
Been putting off buying new heating and cooling system? Call the Experts at 954-736-4314 or contact us online. We can help you find an energy-efficient system you can get tax benefits from the next year.