You've probably heard the old proverb from Ben Franklin, that "nothing is certain but death and taxes." It turns out that old Ben might need to narrow the list down a bit. In order to encourage homeowners to save energy by investing in energy-efficient equipment, the U.S. government is offering tax credits to people who upgrade their home's heating and cooling equipment.
The tax credits are for certain dollar amounts or percentages, depending on which upgrades you choose. For instance, a new central air conditioner or water heater can net you a $300 tax credit, while a furnace or boiler is good for a credit of $150. New insulation, on the other hand, receives a tax credit worth 10 percent of the insulation cost (up to a total credit of $500).
Because the goal is to save energy, the upgrades do have to meet certain standards to qualify. For most air-conditioning systems, the new unit must have an EER (Energy Efficiency Ratio) of at least 13, and a SEER (Seasonal Energy Efficiency Ratio) of at least 16. Gas furnaces need to have an AFUE (Annual Fuel Utilization Efficiency) of 95 percent, while boilers or oil-fired furnaces must have an AFUE of at least 90 percent.
Of course, choosing such energy-efficient equipment would save you money even without the tax credits, as your utility bills will be lower for the entire lifetime of the upgrade. The tax credits simply provide additional savings, and an additional reason to upgrade. They also provide an incentive to upgrade sooner, rather than later. You see, most of the credits (including all the ones mentioned here) are 2011 tax credits, meaning they only apply to purchases made during the 2011 calendar year. Wait until 2012, and you'll be needlessly paying more on your taxes than you had to.
So, if you are debating whether or not it is time to replace some of your home's heating or cooling equipment, these additional savings may help you decide. To find out what equipment qualifies, and how much your savings could be, contact the Massachusetts experts at Rodenhiser today!
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.
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