Save Money with your HVAC

Aug 31, 15 Save Money with your HVAC

If you have recently had a heating or air conditioning unit installed you may be in for some extra cash come tax time. If you have had a HVAC system installed recently and it is energy-efficient, you can receive a tax rebate. Homeowners who have an energy tax credit eligible heating and cooling system you are eligible to a tax rebate.

Most people had no idea that this sort of process even existed. Here are some tips about this HVAC tax rebate. The Energy Star website will give you the guidelines and requirements. Having the right type of HVAC system can save you loads of cash.

* Your lifetime tax credit will rebate 10% of the costs up to $500 of any HVAC installations or energy improvements.

* You must file form 5695 through the IRS. Make sure you pay close attention to the details when you fill out this form as it can get a bit complicated.

* The heating or air conditioning unit that you had installed must have been done so before December 31, 2014.

* Any certifications from the manufacturer and receipts should be kept just in case the IRS requests them during the process of filing your form.

* There is a maximum of $500 you can use towards the credit but there are caps on air-circulating fans, natural gas, or propane furnace, and $300 for any building property installations.

* Some of the installations that do fall under the tax credit are geothermal heat pumps, solar energy systems, and small residential wind turbines.

You will find all of the guidelines on which heating and air conditioning systems that are covered through the Energy Star website. There may be installers that tell you something different but to not rely on their answers.

Make sure you do the research before you move forward in the process. Not all of the Energy Star certified products are eligible for the credit so check out their website for more information. Existing homes as well as newly-constructed home also qualify. Rental properties do not qualify for the energy tax rebate.

Most homeowners are not aware of this tax rebate and can really benefit from it if they have recently had a heating or air conditioning unit installed. This is also something that you need to keep in mind in the future if you intend on getting any new units installed onto your property. This is just an added bonus for doing something energy efficient that will help the environment.

Are you looking for some tips on furnaces in Chicago? Heatmasters Heating and Cooling can help! Visit their website to learn more.

1 person likes this post.

Share This