When it comes to energy-efficient HVAC installation in Jacksonville, there’s good news for homeowners at tax time.
The Residential Energy Efficient Property Credit will now go through 2020. This could entitle you to 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 residence must be the taxpayer’s primary home in the USA. The improvement should have a life of at least five years, with the original use starting with the taxpayer.
What Kinds of Enhancements are Regarded as High-Efficiency Upgrades?
Usually, this tax incentive equals 10% of the cost of the subsequent energy-saving changes 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
- Energy-efficient 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 limitation of $500 per property. This means if you have used this reduction in past years, you are required to decrease any credit you already claimed.
If you have claimed the top amount, you won’t be eligible for any additional incentives with this expansion.
Credit Limits for Specific Equipment
Tax reductions have a limit for certain participating solutions:
- 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.
Improve Your Heating and Cooling Equipment Today
Been procrastinating upgrading your heating and cooling units? Talk with the Experts at 904-450-5672 or contact us online. We can help you find an energy-efficient system you can get tax benefits from the next year.