Family enjoying the comfort of home

Can I receive a tax credit for my new furnace?

For a lot of families, there typically seems to be a long list of home improvement to-do’s that they would like to get done or new ideas they’d like to attempt. While several may not be required, furnace replacement is an example of a task that may be key to keeping your home comfortable through the colder months in Genoa.

Getting a new furnace is a large investment. You’ll absolutely realize the return-on-investment on your indoor comfort in addition to your energy bills, but it might be a tad daunting at first. The good news is that when you shop for a new energy-efficient furnace, you might be qualified for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were extended through December 31, 2020. In order to get the tax credit, you have to buy a furnace that has earned the ENERGY STAR label. It cannot be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When shopping for furnace replacements, look for solutions with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency furnace.

At Assured Appliance and Heating & Air, our team can help you choose an option that fits your needs and helps you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you will want to check the furnace you select has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE represents the percent of heat produced for every dollar of fuel consumed.

Qualifying for the tax credit is not going to be the only savings you’ll observe when you purchase a new high-efficiency furnace. Some of the most efficient solutions can save you hundreds of dollars on your energy bills throughout the year. And your family will also have higher confidence in your HVAC system to help your home stay at just the right comfort level.

If you have questions regarding your eligibility for a tax credit, or if there are other local savings you may be eligible for by purchasing a new high-efficiency furnace, give our experts at Assured Appliance and Heating & Air a call at 847-306-8990. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.

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