Can I Get a Tax Credit for My New Furnace?

For a lot of households, there usually seems to be a lengthy list of home improvement projects that they would like to complete or new ideas they’d like to try. While some may not be necessary, furnace replacement is one task that might be critical to keeping your home comfortable throughout the cooler months in Tannersville.

Selecting a new furnace is a large investment. You’ll absolutely recognize the return-on-investment on your indoor comfort as well as your energy costs, but it could be a bit intimidating at first. The good news is that when you purchase a new energy-efficient furnace, you could be qualified for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were pushed through December 31, 2020. In order to receive the tax credit, you have to select a furnace that has earned the ENERGY STAR label. Keep in mind it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When shopping for furnace replacements, watch for solutions with the ENERGY STAR rating so you can be certain you’re picking a high-efficiency furnace.

At Speed Air, we’ll help you select an option that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, it’s important to check the furnace you pick 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.

Taking advantage of this opportunity will not be the only savings you’ll find when you get a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your utility costs during the year. And your family will also have more confidence in your HVAC system to keep your house at just the right comfort level.

If you have questions about your eligibility for a tax credit, or if there are other local savings you could be eligible for by buying a new high-efficiency furnace, give our teams at Speed Air a call at 800-941-0247. You could also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.