Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For many families, there typically seems to be a lengthy list of home improvement to-do’s that they want to complete 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 critical to keeping your home comfortable through the colder months in Genoa.

Buying a new furnace is a sizeable investment. You’ll absolutely realize the return-on-investment on your indoor comfort in addition to your energy bills, but it may be a tad daunting at first. The good news is that when you shop for a new energy-efficient furnace, you may be eligible 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 receive the tax credit, you have to purchase a furnace that has earned the ENERGY STAR label. However, it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When looking for furnace replacements, watch for products with the ENERGY STAR rating so you can be sure you’re selecting a high-efficiency furnace.

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

This tax credit is not going to be the only savings you’ll find when you purchase a new high-efficiency furnace. Many of the most efficient solutions can save you hundreds of dollars on your energy bills all year long. 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 additional local savings you may be eligible for by buying 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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