Family enjoying the comfort of home

Can I receive a tax credit for my new furnace?

For most families, there always seems to be a long list of home improvement tasks that they would like to get done or new ideas they’d like to attempt. While several may not be required, furnace replacement is a job that might be key to keeping your home comfortable throughout the cooler months in Redford.

Getting a new furnace is a big investment. You’ll definitely realize 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 buy a new energy-efficient furnace, you could be eligible for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were pushed through December 31, 2020. In order to obtain 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 shopping for furnace replacements, keep an eye out for products with the ENERGY STAR rating so you can be certain you’re picking a high-efficiency furnace.

At Airtronic Heating & Cooling, the experts will help you select a solution that fits 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.

Taking advantage of this opportunity will not be the only savings you’ll find when you select a new high-efficiency furnace. Some of the most efficient models can save you hundreds of dollars on your utility costs throughout the year. And your household will also have more confidence in your HVAC system to maintain your indoor space at just the right temp.

If you have questions concerning your eligibility for a tax credit, or if there are other local savings you may be eligible for by getting a new high-efficiency furnace, give our experts at Airtronic Heating & Cooling a call at 313-230-4053. You may also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.

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