Can I Receive Tax Credits for My New Furnace?

For a lot of households, there usually seems to be a large list of home improvement to-do’s that they want to do or new ideas they’d like to try. While some may not be necessary, furnace replacement is a job that could be critical to keeping your home comfortable throughout the colder months in Central Point.

Getting a new furnace is a big investment. You’ll certainly see the return-on-investment on your indoor comfort along with your energy bills, but it could be a bit intimidating at first. The good news is that when you shop for a new energy-efficient furnace, you may be eligible for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were extended through December 31, 2020. In order to get the tax credit, you are required to purchase 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 researching furnace replacements, look for products with the ENERGY STAR rating so you can be certain you’re selecting a high-efficiency furnace.

At Titan Heating & Air Conditioning, our team can help you choose a product that meets your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you will want to check the furnace you pick 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 won’t be the only savings you’ll observe when you purchase a new high-efficiency furnace. Some of the most efficient products can save you hundreds of dollars on your energy costs throughout the year. And your household will also have greater confidence in your HVAC system to keep your house at just the right comfort level.

If you have questions concerning your eligibility for a tax credit, or if there are other local savings you might be eligible for by purchasing a new high-efficiency furnace, give our experts at Titan Heating & Air Conditioning a call at 541-286-6617. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.