If you would like to take advantage of the 25C federal energy tax credits, you will need to do so quickly. On Dec. 31, 2013, these tax credits will expire. However, there is still time to benefit, so if you’re in need of an HVAC upgrade, pursue it now or else you’ll lose this opportunity for help on your taxes.
The tax program, designed to encourage energy conservation, awards tax credits ranging from $50 to $300 for different HVAC system and product upgrades, rising to an overall cap of $500. The program covers upgrades made throughout 2013 and is retroactive to all of 2012. In addition to saving on your taxes, replacing your current equipment with newer and more efficient systems will greatly increase your energy savings.
In order to qualify, new heating and cooling equipment must meet specific efficiency guidelines. For instance, if you are in the market for a new central air conditioner, a split system must be at least 16 SEER (seasonal energy efficiency ratio) and a package system must be at least 14 SEER. Furnace and boiler systems must be at least 95 percent AFUE (annual fuel utilization efficiency). In addition, heat pumps must have a minimum SEER rating of 15 for cooling and an 8.5 heating seasonal performance factor (HSPF). While central A/Cs and heat pumps that qualify will get you a $300 tax credit, qualifying furnaces will bring one for $150.
Late summer and early fall are great times to upgrade your system, as HVAC companies are not as busy during this time. You should be able to easily schedule an appointment for a consultation and installation. For obvious reasons, homeowners find that if they replace their HVAC systems before they fail, they avoid numerous headaches. You definitely do not want a major furnace failure during the peak of winter, for example.
Before time runs out in December, consider replacing your old and inefficient systems. After all, you don’t know if these valuable energy tax credits will be available again. If taking advantage of this sounds like a great idea to you, contact the professionals at Energy 1 Heating & Air Conditioning for a consultation. We have been family-owned for over 34 years and serve Lorain, Erie and Cuyahoga counties.
Our goal is to help educate our customers in Lorain, Ohio about energy and home comfort issues (specific to HVAC systems). For more information about energy tax credits and other HVAC topics, download our free Home Comfort Resource guide.
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Energy 1 Heating & Air Conditioning
1 (440) 246-5440
Serving the Lorain, OH Area