When it comes to energy-efficient HVAC installation in Fort Lauderdale, there’s great news for your family this tax period.
The Residential Energy Efficient Property Credit has been lengthened through 2020. This might make you eligible for credits for energy-efficient home improvements, like new heating and cooling equipment, water heaters and heat pumps.
What Equipment is Eligible?
To be entitled for the credit, the house is required to be the taxpayer’s primary home in the USA. The enhancement must last for at least five years, with the original use starting with the homeowner.
What Types of Changes are Eligible to be High-Efficiency Upgrades?
Typically, this tax credit corresponds with 10% of the price of the ensuing energy-saving changes 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
- Energy-efficient 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
Is There a Limit to How Much I Can Claim?
Yes, there’s a lifetime restriction of $500 per property. This means if you have taken this reduction in previous years, you should lower any credit you previously claimed.
If you have claimed the top amount, you aren’t eligible for any additional reductions through this extension.
Credit Maximums for Certain Items
Incentives are restricted 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 System Today
Been putting off upgrading your heating and cooling system? Call the Experts at 954-736-4314 or contact us online. We can help you select an energy-efficient system you can get tax benefits from the next year.