As far as energy-efficient HVAC installation in Tulsa, there’s good news for you this tax season.
The Residential Energy Efficient Property Credit will now go through 2020. This can make you eligible for reductions for energy-efficient home enhancements, like new heating and cooling equipment, water heaters and heat pumps.
What Are the Eligibility Requirements?
To qualify for the credit, the residence must be the taxpayer’s chief residence in the U.S. The improvement must last for at least five years, with the initial use originating with the homeowner.
What Varieties of Changes are Qualify for High-Efficiency Renovations?
Typically, this tax incentive corresponds with 10% of the expense of the ensuing energy-saving improvements 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
- Qualified exterior storm windows, skylights and storm doors
- Solar/geothermal energy equipment, for example solar electricity, solar water heaters and geothermal heat pumps
Is There a Limit to How Much I Can Claim?
Yes, there’s a lifetime limitation of $500 per home. This means if you have claimed this incentive in prior years, you are required to lower any credit you claimed earlier.
If you have claimed the highest amount, you won’t qualify for any extra credits under this extension.
Credit Maximums for Particular Equipment
Credits are restricted for some qualified solutions:
- 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.
Upgrade Your Heating and Cooling Units Today
Been delaying getting new heating and cooling equipment? Talk with the Experts at 918-212-8927 or contact us online. We can help you find an energy-efficient system you can get tax benefits from the next year.