How to Get the Residential Energy Efficiency Property Credit in Fort Myers in 2020

When it comes to energy-efficient HVAC installation in Fort Myers, there’s great news for homeowners at tax time.

The Residential Energy Efficient Property Credit will now go through 2020. This could make you eligible for reductions for energy-efficient home modifications, like modern heating and cooling systems, water heaters and heat pumps.

What Equipment is Eligible?

To qualify for the reduction, the house should be the taxpayer’s primary home in the U.S.. The change needs to have a life of at least five years, with the first use beginning with the homeowner.

What Types of Improvements are Considered High-Efficiency Updates?

Typically, this tax incentive is equivalent to 10% of the price of the ensuing energy-saving improvements that achieve specific 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
  • Insulation
  • Qualified 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

 

Am I Limited to Claiming a Certain Amount?

Yes, there’s a lifetime limitation of $500 per property. This means if you have used this credit in past years, you should lower any credit you already claimed.

If you’ve already claimed the highest amount, you aren’t eligible for any additional incentives with this expansion.

Credit Limits for Particular Units

Credits have a limit for a couple of eligible items:


  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient systems—$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.

Enhance Your Heating and Cooling System Today

Been procrastinating upgrading your heating and cooling system? Reach the Experts at 239-908-6991 or contact us online. We can help you select an energy-efficient system you can earn tax benefits from the next year.

Contact Us

Our Health and Safety Commitment
At Service Experts, our top priority is always the health and safety of our customers and team. We are following all COVID-19 (Coronavirus) public safety guidelines and adjusting our business practices as needed to ensure customer and employee wellbeing. As a precautionary measure, anyone working on behalf of Service Experts – including our technicians – is being asked to stay home for the recommended 14 day quarantine period if they are returning from out-of-country, have been exposed to a presumptive or confirmed case, or are feeling unwell. We are providing our technicians and other field employees with additional health and safety guidance to assist in keeping our customers and employees safe. Please be prepared to answer brief health and safety questions with our representative. We will continue to monitor the situation and will adjust our business practices as required. We recognize that this may be a particularly stressful time and want you to know that, we are committed to serving you and making your experience as easy as possible.