Investing in a new air conditioner, heater, water heater or geothermal heating and cooling system is an excellent decision that will save you money over time through reduced utility bills. While you’ll likely notice savings as early as your next energy bill, the upfront costs can create hardship for families in many situations. Until the end of the year, however, government tax credits are available on Energy Star devices. These rebates can soften the initial financial impact from these important home upgrades and may even allow you to purchase a higher grade model to reduce energy costs even further.
For recent purchases made during the year 2015 and on all purchases made through the end of 2016, homeowners may be eligible to receive the following Federal Tax credits:
1. Up to 10% of the total cost of any new Energy Star air source heat pump, central air conditioner, gas, propane or oil furnace or water boiler and/or a water heater of any type. The maximum rebate amount is $500 and is available for your existing home that also serves as your primary residence. New construction sites and rental homes do not qualify.
2. Up to 10% of the cost to upgrade your home’s insulation, windows, doors, skylights, and/or roof. The same $500 maximum rebate amount applies, although in some cases it is limited to a set amount between $50 and $300. Homes must meet the same requirements as for the Energy Star appliance upgrades.
3. Up to 30% of the cost to purchase and install a geothermal heat pump system. There is no maximum rebate with these installations and new construction, second homes and principle residences all qualify.
When you are ready to take advantage of the current Federal Tax Rebates on Energy Star HVAC products, contact the professionals at McCall’s Supply Inc. We’ll help you get in touch with a trusted HVAC installer for your South Carolina home. You’ll soon be enjoying lower energy bills while saving money on your upfront investment through the impressive credits available.