When it comes to energy-efficient HVAC installation in Fort Myers, there’s great news for homeowners this tax period.
The Residential Energy Efficient Property Credit will now go through 2020. This could make you eligible for reductions for energy-efficient home enhancements, like updated heating and cooling systems, water heaters and heat pumps.
What Equipment is Eligible?
To qualify for the incentive, the residence should be the taxpayer’s primary house in the U.S. The improvement needs to have a life of at least five years, with the initial use starting with you.
What Kinds of Improvements are Considered High-Efficiency Updates?
Typically, this tax incentive corresponds with 10% of the expense of the ensuing energy-saving improvements that achieve specific 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
- Insulation
- Energy-efficient metal and asphalt roofing
- Energy-efficient 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 max credit of $500 per home. This means if you have taken this credit in prior years, you are required to decrease any credit you already claimed.
If you’ve already claimed the highest amount, you won’t be eligible for any additional reductions through this continuation.
Credit Limits for Particular Equipment
Credits have a limit for a couple of participating items:
- 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.
Improve Your Heating and Cooling Units Today
Been delaying buying new heating and cooling system? Reach the Experts at 239-908-6991 or contact us online. We can help you find an energy-efficient system you can get tax benefits from the next year.