Hey, we’ve got some great news for you … you might be eligible for an energy tax credit of up to $500 or even $1,000+!
This is a fantastic money-saving opportunity rewarding those who have installed renewable energy home improvements or energy-efficient equipment this past year.
Yes, unfortunately, since it’s a tax credit for this year, you must have made the improvement during the 2019 tax year … unless you want to go back and file an amended tax return for the year in which you made the improvement, in which case you would still be eligible. (Note: Please consult a tax preparer for any questions you may have.)
We’re not tax experts, but we are HVAC experts, and that’s why we’re so excited to share this opportunity with you regarding efficient HVAC equipment. We recommend installing energy-efficient equipment for your ensured comfort, a longer system lifespan, and, of course, lower energy bills every month, but now we can add a fourth benefit on top of that …
Energy efficiency, whether it’s for the environment or for your pocketbook, always pays. This time, that payment comes in the form of a tax credit!
So, exactly how much money are we talking about here?
Well, if you purchased a qualifying air conditioner in the past year, you will receive a $300 tax credit. If you installed a qualifying furnace, that’s a $150 tax credit.
However, the amount for insulation and roofing is a bit higher! Whatever the cost of the job was, your tax credit is equal to 10% of that, up to a maximum of $500. The stipulation there is that it has to be a typical form of insulation, like bulk insulation or leak sealing, and as for the roof, it has to be a metal or asphalt roof.
Read more about qualifying purchases on the official Energy Star website.
Looking for a larger tax credit? You’re in luck if you installed a qualifying renewable energy home improvement.
The qualifications for this, as you might imagine, are narrower, and only geothermal heat pumps, solar power, fuel cells, and wind turbines qualify. Not many people just so happened to have installed a wind turbine on their property, but if you did, you are entitled to a larger tax credit!
In fact, the tax credit amount for renewable energy is higher than 10%.
If you made the improvement in the year:
2019 = 30% of the cost of the installation as a tax credit
2020 = 26% of the cost of the installation as a tax credit
2021 = 22% of the cost of the installation as a tax credit
And, unfortunately, if you decide to do anything after that, you won’t get anything, because the tax credit expires. That’s why we wanted to hurry and tell you about this opportunity!
After all, you already did yourself, and your future electric bills, a huge favor by opting for Energy-Star-certified or renewable energy products, so why shouldn’t you get even more mileage out of the deal?