For most households, there always seems to be a large list of home improvement projects that they want to do or new ideas they’d like to give a shot. While several may not be necessities, furnace replacement is an example of a task that might be vital to keeping your home comfortable throughout the cooler months in Middletown.
Getting a new furnace is a big investment. You’ll definitely see the return-on-investment on your indoor comfort as well as your utility costs, but it could be a tad daunting at first. The good news is that when you pick a new energy-efficient furnace, you could be qualified 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 receive the tax credit, you have to buy a furnace that has earned the ENERGY STAR label. However, it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When shopping for furnace replacements, look for heat pumps with the ENERGY STAR rating so you can be certain you’re choosing a high-efficiency furnace.
At SchagrinGAS Company, our team can help you select a solution that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you’ll need 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 represents the percent of heat produced for every dollar of fuel consumed.
Taking advantage of this opportunity will not be the only savings you’ll receive when you select a new high-efficiency furnace. Some of the most efficient furnaces can save you hundreds of dollars on your energy bills throughout 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 think of questions regarding your eligibility for a tax credit, or if there are additional local savings you could be eligible for by buying a new high-efficiency furnace, give our experts at SchagrinGAS Company a call at 302-231-1380. You could also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.