Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For many families, there usually 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 required, furnace replacement is a task that might be key to keeping your home comfortable through the winter months in Mechanicsville.

Buying a new furnace is a great investment. You’ll absolutely see the return-on-investment on your indoor comfort along with your energy bills, 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 approved for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were prolonged through December 31, 2020. In order to get the tax credit, you are required to buy a furnace that has earned the ENERGY STAR label. Keep in mind it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When looking for 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 M & S Heating & Air LLC, our team can help you find a product that matches your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, it’s important to check the furnace you choose has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE indicates the percent of heat produced for every dollar of fuel consumed.

This tax credit won’t be the only savings you’ll observe when you purchase a new high-efficiency furnace. A lot of the most efficient products can save you hundreds of dollars on your utility costs during the year. And your family will also have higher confidence in your HVAC system to keep your house at just the right comfort level.

If you come across questions about your eligibility for a tax credit, or if there are other local savings you could be eligible for by getting a new high-efficiency furnace, give our professionals at M & S Heating & Air LLC a call at 301-363-4699. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.

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