In regard to energy-efficient HVAC installation in Orlando, there’s good news for you this tax period.
The Residential Energy Efficient Property Credit will now go through 2020. This could qualify you for credits for energy-efficient home improvements, like modern heating and cooling systems, water heaters and heat pumps.
How Do I Know if My Equipment Qualifies?
To qualify for the credit, the house is required to be the taxpayer’s chief home in the U.S. The improvement must last for a minimum of five years, with the original use starting with you.
What Kinds of Improvements are Eligible to be High-Efficiency Updates?
Generally, this tax reduction is equivalent to 10% of the expense of the ensuing energy-saving changes that meet certain 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
- Particular metal and asphalt roofing
- Certain exterior storm windows, skylights and storm doors
- Solar/geothermal energy solutions, for example solar electricity, solar water heaters and geothermal heat pumps
Is There a Limit to How Much I Can Claim?
Yes, there’s a lifetime cap of $500 per home. This means if you have taken this incentive in prior years, you should lower any credit you already claimed.
If you’ve already claimed the highest amount, you won’t be eligible for any extra reductions with this continuation.
Credit Maximums for Certain Items
Incentives have a limit for a few participating solutions:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient units—$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 System Today
Been procrastinating installing new heating and cooling system? Reach the Experts at 407-329-7661 or contact us online. We can help you find an energy-efficient system you can get tax benefits during the upcoming year.