When it comes to energy-efficient HVAC installation in Jacksonville, there’s good news for homeowners this tax period.
The Residential Energy Efficient Property Credit will now go through 2020. This might qualify you for incentives for energy-efficient home improvements, like new heating and cooling equipment, water heaters and heat pumps.
How Do I Know if My Equipment Qualifies?
To qualify for the reduction, the house must be the taxpayer’s primary house in the U.S. The improvement should have a life of a minimum of five years, with the original use starting with the taxpayer.
What Types of Enhancements are Regarded as High-Efficiency Upgrades?
Typically, this tax incentive equals 10% of the cost of the ensuing energy-saving enhancements that meet particular 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
- Qualified metal and asphalt roofing
- Particular exterior storm windows, skylights and storm doors
- Solar/geothermal energy solutions, like solar electricity, solar water heaters and geothermal heat pumps
Is There a Maximum Amount I Can Claim?
Yes, there’s a lifetime max credit of $500 per home. This means if you have used this reduction in prior years, you should lower any credit you previously claimed.
If you have claimed the top amount, you won’t be eligible for any additional incentives through this continuation.
Credit Limits for Specific Units
Tax reductions have a limit for certain eligible equipment:
- 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.
Enhance Your Heating and Cooling Equipment Today
Been procrastinating upgrading your heating and cooling system? Reach the Experts at 904-450-5672 or contact us online. We can help you find an energy-efficient system you can earn tax benefits from the next year.