Purchasing a new heating or cooling system for your home is a big investment as a homeowner. So, when there is an opportunity to save money, it’s important to consider taking advantage of the deals! With federal tax credits having recently been reinstated, you can replace or upgrade your home’s system and save money at the same time. Here are some important details you should know about.
Tax credits are available on qualifying systems that include heat pumps, central air conditioners, water heaters, and gas furnaces. They include up 10% of the cost up to $500 or a specific amount that ranges from $50 to $300. The system must be installed in your primary residence, in an already existing home. Rentals and new construction homes are not eligible.
In addition, customers applying for the tax credit will need to submit a Form 5695 as well as a manufacturing certification. This document is a signed statement from the manufacturer that certifies that the equipment qualifies for the tax credits. These can be obtained by calling the manufacturer or by visiting their website.
Federal tax credits are available through December 31, 2020. However, with spring on the horizon and warmer weather coming, our schedule will fill up quickly. Now is the time to act on these credits so you can enjoy a new system and a lower price! Get more information about the federal tax credits. Then, contact our experienced team at Climate Control to get your heating and cooling system replacement on the books.