How Federal Tax Credits Work
Tax season is upon us, ladies and gentlemen. It’s important when filing your taxes that you know exactly what kinds of credits are available to you. Because Chapman works hard to offer the most energy efficient technology in the industry, we have some information regarding federal tax credits you may be eligible for. ENERGY STAR is a standard that distinguishes different brands and models of equipment – some of which we may have installed in your home this year. These products may cost a little more of the front end, but you will certainly see that pay back in lower energy bills. To incentivize this option further, some residential improvements qualify for a federal tax credit.
Every year these tax credit amount and qualifications change, but the biggest reward is for those who installed a Geothermal system. Homeowners can receive up to 30% of the cost with no upward limit from a 2015 installation. Other tax credits are offered for heat pumps, air circulating fans, and even furnace installations.
It is important to note that not every install is eligible for a tax credit. For more information it is important to consult a tax specialist, your comfort advisor, or this website.