As far as energy-efficient HVAC installation in San Antonio, there’s good news for your family at tax time.
The Residential Energy Efficient Property Credit will now go through 2020. This may qualify you for credits for energy-efficient home enhancements, like updated heating and cooling equipment, water heaters and heat pumps.
What Are the Eligibility Requirements?
To qualify for the incentive, the home should be the taxpayer’s primary house in the United States. The enhancement should have a life of a minimum of five years, with the initial use beginning with the taxpayer.
What Types of Changes are Qualify for High-Efficiency Upgrades?
Typically, this tax reduction corresponds with 10% of the expense of the subsequent energy-saving changes that meet specific ENERGY STAR® guidelines:
- 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
- Particular exterior storm windows, skylights and storm doors
- Solar/geothermal energy equipment, for instance solar electricity, solar water heaters and geothermal heat pumps
Is There a Maximum Amount I Can Claim?
Yes, there’s a lifetime max credit of $500 per property. This means if you have taken this credit in past years, you are required to lower any credit you claimed earlier.
If you’ve previously claimed the top amount, you won’t qualify for any extra reductions through this expansion.
Credit Limits for Specific Equipment
Tax reductions have a limit for a few qualified items:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient equipment—$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.
Upgrade Your Heating and Cooling Equipment Today
Been putting off installing new heating and cooling units? Talk with the Experts at 210-404-4233 or contact us online. We can help you select an energy-efficient system you can reap tax benefits from the following year.