Family enjoying the comfort of home

Can I earn a tax credit for my new furnace?

For most households, there always seems to be a lengthy list of home improvement projects that they would like to get done or new ideas they’d like to give a shot. While several may not be necessities, furnace replacement is an example of a project that could be critical to keeping your home comfortable throughout the cooler months in Plover.

Purchasing a new furnace is a sizeable investment. You’ll absolutely see the return-on-investment on your indoor comfort along with your energy costs, but it might be a little intimidating at first. The good news is that when you buy a new energy-efficient furnace, you may 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 have to buy a furnace that has earned the ENERGY STAR label. It cannot be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When researching furnace replacements, keep an eye out for solutions with the ENERGY STAR rating so you can be certain you’re picking a high-efficiency furnace.

At Point Heating & Cooling, we’ll help you identify a solution that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, it’s important to check 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.

Taking advantage of this opportunity won’t be the only savings you’ll observe when you select a new high-efficiency furnace. Some of the most efficient products can save you hundreds of dollars on your energy costs throughout the year. And your household will also have higher confidence in your HVAC system to keep your house at just the right temperature.

If you have questions concerning your eligibility for a tax credit, or if there are additional local savings you may be eligible for by purchasing a new high-efficiency furnace, give our professionals at Point Heating & Cooling a call at 715-504-0533. You may also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.

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