Finding Energy Tax Credits For Homeowners

Finding Energy Tax Credits For Homeowners



Finding Energy Tax Credits For Homeowners
Homeowners who purchase high-efficiency heating and cooling equipment may benefit from legislation recently signed into law .​
Last August,​ President Bush signed the​ Energy Policy Act of​ 2018 .​
The act includes the​ home- energy efficiency tax credit,​ which offers homeowners as​ much as​ $300 in​ tax credits with the​ purchase of​ qualified high-efficiency heating,​ cooling and water-heating equipment .​
The legislation defines the​ type of​ equipment and the​ amount of​ the​ credit in​ this way:
• High-efficiency gas,​ oil and propane furnaces and boilers: $150
• High-efficiency central air- conditioning units,​ including air-source and ground-source heat pumps: $300
• High-efficiency fans for heating and cooling systems: $50
• High-efficiency water heaters,​ including heat-pump water heaters: $300.
Manufacturers and retailers should be able to​ tell homeowners whether a​ specific product qualifies for a​ tax credit .​
Qualifying efficiencies identified in​ the​ bill include:
• Furnaces and boilers: Annual Fuel Use Efficiency (AFUE) of​ 95 or​ higher;
• Central air-conditioning units: Seasonal Energy Efficiency Ratio (SEER) of​ 15 and an​ Energy Efficiency Ratio (EER) of​ 12.5;
• Air-source heat pumps: Heating Seasonal Performance Factor (HSPF) of​ 9 or​ greater,​ SEER of​ 15 or​ higher and EER of​ 13 or​ higher.
In addition to​ providing tax savings,​ these high-efficiency products will make it​ easier for homeowners to​ reduce energy consumption and lower their energy bills .​
To qualify for the​ tax credits,​ homeowners will need to​ verify the​ efficiency of​ the​ equipment and the​ date when it​ was placed in​ service .​
The equipment must be installed between January 1,​ 2018 and December 31,​ 2018.




You Might Also Like:




No comments:

Powered by Blogger.