In regard to energy-efficient HVAC installation in Shreveport, there’s great news for your family this tax period.
The Residential Energy Efficient Property Credit has been lengthened through 2020. This might qualify you for incentives for energy-efficient home enhancements, like updated heating and cooling units, water heaters and heat pumps.
How Do I Know if My Equipment Qualifies?
To become eligible for the reduction, the house is required to be the taxpayer’s chief residence in the United States. The improvement should have a life of at least five years, with the first use beginning with you.
What Kinds of Enhancements are Considered High-Efficiency Renovations?
Typically, this tax incentive equals 10% of the expense of the following energy-saving improvements that meet specified ENERGY STAR® requirements:
- 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
- Certain metal and asphalt roofing
- Energy-efficient exterior storm windows, skylights and storm doors
- Solar/geothermal energy solutions, like solar electricity, solar water heaters and geothermal heat pumps
Is There a Maximum Amount I Can Claim?
Yes, there’s a lifetime cap of $500 per home. This means if you have claimed this incentive in prior years, you are required to decrease any credit you claimed earlier.
If you’ve previously claimed the top amount, you won’t qualify for any other incentives under this expansion.
Credit Maximums for Particular Items
Incentives are restricted for a couple of participating solutions:
- 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.
Improve Your Heating and Cooling Equipment Today
Been delaying installing new heating and cooling system? Call the Experts at 318-588-8163 or contact us online. We can help you select an energy-efficient system you can get tax benefits from the next year.