Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For many homeowners, there usually seems to be a large list of home improvement to-do’s that they need to get done or new ideas they’d like to attempt. While some may not be required, furnace replacement is a task that could be key to keeping your home comfortable during the cooler months in Holdrege.

Getting a new furnace is a big investment. You’ll definitely notice the return-on-investment on your indoor comfort as well as your energy bills, but it might be a bit overwhelming at first. The good news is that when you pick 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 extended through December 31, 2020. In order to receive the tax credit, you are required to select 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 looking for furnace replacements, watch for solutions with the ENERGY STAR rating so you can be confident you’re choosing a high-efficiency furnace.

At Durable Service , the experts will help you find a solution that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you will want to clarify that 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.

This tax credit won’t be the only savings you’ll find when you buy a new high-efficiency furnace. Some of the most efficient products can save you hundreds of dollars on your energy bills all year long. And your family will also have higher confidence in your HVAC system to help your home stay at just the right temperature.

If you have questions regarding your eligibility for a tax credit, or if there are additional local savings you might be eligible for by purchasing a new high-efficiency furnace, give our experts at Durable Service a call at 308-995-8177. You can also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.

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