How to Earn the Residential Energy Efficiency Property Credit in Girard in 2020

As far as energy-efficient HVAC installation in Girard, there’s good news for your family this tax season.

The Residential Energy Efficient Property Credit has been extended through 2020. This can make you eligible for incentives for energy-efficient home enhancements, like updated heating and cooling systems, water heaters and heat pumps.

What Makes My Purchase Eligible?

To become eligible for the reduction, the house should be the taxpayer’s chief residence in the U.S. The improvement should have a life of a minimum of five years, with the original use starting with the taxpayer.

What Types of Enhancements are Qualify for High-Efficiency Updates?

Typically, this tax reduction corresponds with 10% of the cost of the ensuing energy-saving improvements that match particular ENERGY STAR® conditions:

  • 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
  • Particular metal and asphalt roofing
  • Particular exterior storm windows, skylights and storm doors
  • Solar/geothermal energy equipment, like solar electricity, solar water heaters and geothermal heat pumps

Am I Limited to Claiming a Certain Amount?

Yes, there’s a lifetime restriction of $500 per home. This means if you have used this incentive in past years, you should lower any credit you already claimed.

If you have claimed the highest amount, you won’t be eligible for any extra reductions with this extension.

Credit Caps for Particular Units

Tax reductions have a limit for some eligible items:

  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient equipment—$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.

Enhance Your Heating and Cooling Equipment Today

Been delaying upgrading your heating and cooling units? Talk with the Experts at 330-269-7235 or contact us online. We can help you find an energy-efficient system you can get tax benefits during the upcoming year.