Can I Get Tax Credits for My New Furnace?

For most homeowners, there usually seems to be a lengthy list of home improvement projects that they would like to complete or new ideas they’d like to attempt. While some may not be necessary, furnace replacement is an example of a job that may be vital to keeping your home comfortable during the winter months in Yukon.

Buying a new furnace is a big investment. You’ll absolutely feel the return-on-investment on your indoor comfort as well as your energy costs, but it could be a tad daunting at first. The good news is that when you select a new energy-efficient furnace, you could 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 select 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 browsing for furnace replacements, keep an eye out for products with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency furnace.

At Comfort Concepts Heating & Air Conditioning, our team can help you find a solution that fits your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you’ll need to clarify that 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 is not going to be the only savings you’ll receive when you select a new high-efficiency furnace. A lot of the most efficient solutions can save you hundreds of dollars on your energy costs during the year. And your family will also have more confidence in your HVAC system to help your home stay at just the right temp.

If you have questions about your eligibility for a tax credit, or if there are further local savings you may be eligible for by buying a new high-efficiency furnace, give our experts at Comfort Concepts Heating & Air Conditioning a call at 405-494-7444. You can also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.