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

In regard to energy-efficient HVAC installation in Hurricane, there’s good news for your family at tax time.

The Residential Energy Efficient Property Credit will now go through 2020. This can qualify you for incentives for energy-efficient home improvements, like modern heating and cooling units, water heaters and heat pumps.

What Makes My Purchase Eligible?

To be entitled for the incentive, the residence must be the taxpayer’s main house in the U.S.. The improvement needs to work for five years or more, with the first use beginning with the homeowner.

What Varieties of Changes are Regarded as High-Efficiency Renovations?

Typically, this tax reduction equals 10% of the price of the following energy-saving changes that meet specific 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
  • Certain metal and asphalt roofing
  • Certain exterior storm windows, skylights and storm doors
  • Solar/geothermal energy solutions, such as solar electricity, solar water heaters and geothermal heat pumps

 

Am I Limited to Claiming a Certain Amount?

Yes, there’s a lifetime max credit of $500 per home. This means if you have taken this incentive in prior years, you are required to lower any credit you previously claimed.

If you’ve already claimed the max amount, you won’t qualify for any other credits with this continuation.

Credit Maximums for Certain Items

Incentives have a limit for some participating items:


  • 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 Equipment Today

Been delaying installing new heating and cooling units? Call the Experts at 304-760-5088 or contact us online. We can help you select an energy-efficient system you can earn tax benefits from the following year.

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