If you’re ready for solar, there are tax credits waiting for you. The federal government has extended its solar tax credit program to help homeowners defray the cost of solar panels, solar-assisted HVAC systems until 2021. The solar tax credit program started in 2009 and has helped millions of homeowners take advantage of solar energy generation.
Lennox, one of the most innovative HVAC manufacturers, has developed a SunSource heat pump and air conditioning system that uses solar energy directly to run. The electricity comes from a solar panel array and when the heat pump or A/C is running, it has first priority for all the electricity the panels generate. When it’s not working, the electricity goes to your lights, appliances, or battery bank.
The Lennox air conditioners and heat pumps that are part of the SunSource product series have high energy efficiency ratings for both cooling and heating and are Energy Star qualified.
How Much are the Credits
The tax credits for solar panels start at a generous 30 percent for systems installed in 2018 and 2019. Those installed in 2020 qualify for a 26 percent credit, and those in 2021 for 22 percent. The credit covers the cost of the panels and their installation.
The IRS allows homeowners to receive a nine percent credit on their solar-ready HVAC appliances. Combined with the credit for the solar panels, the credit totals 39 percent. There is no upward limit on the size of the systems or their installation costs.
Homes that Qualify
Both primary and secondary homes qualify for the tax credit program for both new and existing homes. This program makes sense for homeowners who want to replace their existing cooling systems or use a heat pump for both cooling and heating. Rental properties do not qualify for the credit.
These tax credits are among the most generous offered for home energy efficiency improvements. If you’d like to learn more about using solar for home heating and cooling, contact Energy 1 Heating & Air Conditioning, providing trusted HVAC services for Lorain-area homeowners.
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 money saving tips and other HVAC topics, download our free Home Comfort Guide or call us at 440-201-2959.
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Energy 1 Heating & Air Conditioning
1 (440) 246-5440
Serving the Lorain, OH Area