Can I Earn Tax Credits for My New Furnace?

For most homeowners, there usually seems to be a lengthy list of home improvement tasks that they need to get done or new ideas they’d like to attempt. While several may not be necessities, furnace replacement is a job that may be vital to keeping your home comfortable through the cooler months in Marshfield.

Buying a new furnace is a big investment. You’ll definitely feel the return-on-investment on your indoor comfort along with your energy bills, but it could be a little daunting at first. The good news is that when you pick a new energy-efficient furnace, you might be approved for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were extended through December 31, 2020. In order to obtain the tax credit, you have to buy a furnace that has earned the ENERGY STAR label. It cannot be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When researching furnace replacements, look for heat pumps with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency furnace.

At House of Heating Incorporated, the experts will help you select an option that meets your needs and makes sure you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you will want to clarify that the furnace you choose has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE indicates the percent of heat produced for every dollar of fuel consumed.

Qualifying for the tax credit will not be the only savings you’ll observe when you select a new high-efficiency furnace. Many of the most efficient solutions can save you hundreds of dollars on your energy bills during the year. And your household will also have more confidence in your HVAC system to help your home stay at just the right comfort level.

If you think of questions regarding your eligibility for a tax credit, or if there are further local savings you may be eligible for by buying a new high-efficiency furnace, give our experts at House of Heating Incorporated a call at 715-384-3163. You could also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.