How to Get the Residential Energy Efficiency Property Credit in Tulsa in 2020

In regard to energy-efficient HVAC installation in Tulsa, there’s good news for your family 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 Makes My Purchase Eligible?

To qualify for the credit, the house must be the taxpayer’s chief residence in the U.S.. The improvement must last for a minimum of five years, with the first use originating with the homeowner.

What Varieties of Enhancements are Qualify for High-Efficiency Renovations?

Typically, this tax credit corresponds with 10% of the expense of the subsequent 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
  • Insulation
  • Qualified metal and asphalt roofing
  • Qualified exterior storm windows, skylights and storm doors
  • Solar/geothermal energy solutions, 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 reduction in past years, you should 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 Caps for Certain Equipment

Credits are restricted for some qualified 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.

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.

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.