Family enjoying the comfort of home

Can I receive a tax credit for my new furnace?

For most homeowners, there always seems to be a long list of home improvement to-do’s that they want to complete or new ideas they’d like to attempt. While several may not be necessary, furnace replacement is an example of a project that may be vital to keeping your home comfortable during the cooler months in Saint Marys.

Purchasing a new furnace is a sizeable investment. You’ll absolutely realize the return-on-investment on your indoor comfort as well as your energy costs, but it may be a little overwhelming at first. The good news is that when you buy a new energy-efficient furnace, you might be eligible 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 must purchase a furnace that has earned the ENERGY STAR label. However, it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When researching furnace replacements, look for products with the ENERGY STAR rating so you can be certain you’re choosing a high-efficiency furnace.

At Turner Brothers Heating & Air Conditioning, our team can help you find a product that matches your needs and helps you qualify for this tax credit. While ENERGY STAR products designate high efficiency, you’ll need to clarify that the furnace you select 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.

Qualifying for the tax credit won’t be the only savings you’ll receive when you purchase a new high-efficiency furnace. A lot of the most efficient solutions can save you hundreds of dollars on your utility costs throughout the year. And you’ll also have more confidence in your HVAC system to keep your house at just the right temp.

If you think of questions about your eligibility for a tax credit, or if there are additional local savings you may be eligible for by buying a new high-efficiency furnace, give our experts at Turner Brothers Heating & Air Conditioning a call at 912-208-2470. You could also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.

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