Installing energy-efficient appliances in your home can not only save money on your utility bills, it can save money on your federal taxes. Tax credits are available if you upgrade heaters, air conditioners and hot water heaters with equipment that meets energy-saving requirements.
To claim tax credits in 2011 you must:
- Submit 2011 IRS form 5695 with your 2011 1040 form by April 15, 2012.
- Save receipts and Manufacturer’s Certification Statements for all energy-saving equipment you purchase.
Among the qualifying energy-efficient equipment and the tax credits available:
- Air-source heat pump. Replacing furnaces and air conditioners with a heat pump provides a $300 tax credit. Heat pumps can create 1.5 to three times more energy than it uses, according to the federal Energy Savers program. That's because they transfer heat from one place to another rather than producing it from a fuel.
- Natural gas, propane or oil furnaces. These systems create heat through the combustion of fuel and air and earn a $150 tax credit.
- Gas, propane or oil hot water boilers. Installing water heating systems to heat homes through baseboard heat, radiators or in-floor radiant tubing receive a $150 tax credit.
- Geothermal heat pumps. These heat pumps use the natural heat contained in the ground to provide heating, air conditioning and hot water. Geothermal heat pumps qualify for a 30 percent tax credit.
- Central air conditioning. Energy-efficient central air conditioning systems are eligible for a $300 tax credit.
- Advanced main air circulating fan. Installing a fan or blower motor that moves heated air from the furnace through the duct system gives a $50 tax credit. The fan cannot use more than 2 percent of the energy used by the furnace.
- Gas, oil or propane water heater. These water heaters must have an energy factor at least 0.82 or a thermal efficiency of at least 90 percent to receive a $300 tax credit.
- Electric heat pump water heater. These water heaters must have an energy factor of at least 2.0 to receive a $300 tax credit.
It's important to make sure your purchase meets specifications set out by the government to earn a tax credit. The experts at Rodenhiser would be glad to help.
Our goal is to help educate our customers about energy and home comfort issues (specific to HVAC systems). For more information about tax credits and other HVAC topics, download our free Home Comfort Solutions Guide.
Rodenhiser Plumbing, Heating and Air Conditioning serves the Route 495/128 area of Massachusetts. To get started, check out our website or see our current promotions.
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