How to Claim the Residential Energy Efficiency Property Credit in East Syracuse in 2020

When it comes to energy-efficient HVAC installation in East Syracuse, there’s good news for homeowners at tax time.

The Residential Energy Efficient Property Credit has been lengthened through 2020. This might make you eligible for credits for energy-efficient home enhancements, like new heating and cooling equipment, water heaters and heat pumps.

How Do I Know if My Equipment Qualifies?

To become eligible for the credit, the house must be the taxpayer’s chief house in the U.S. The improvement must have a life of a minimum of five years, with the first use originating with you.

What Types of Improvements are Regarded as High-Efficiency Renovations?

Usually, this tax reduction equals 10% of the price of the subsequent energy-saving changes that match specified ENERGY STAR® conditions:

  • Advanced main air-circulating fans
  • Energy-efficient gas, propane or oil furnaces
  • Energy-efficient gas, propane or oil hot water boilers
  • Energy-efficient heat pumps
  • Energy-efficient water heaters
  • Energy-efficient central air conditioners
  • Insulation
  • Particular metal and asphalt roofing
  • Energy-efficient exterior storm windows, skylights and storm doors
  • Solar/geothermal energy equipment, for instance solar electricity, solar water heaters and geothermal heat pumps

How Much Can I Claim?

Yes, there’s a lifetime maximum credit of $500 per home. This means if you have taken this credit in past years, you are required to reduce any credit you previously claimed.

If you’ve previously claimed the highest amount, you aren’t eligible for any additional incentives with this continuation.

Credit Maximums for Specific Equipment

Tax reductions are restricted for a couple of participating items:

  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient equipment—$300

If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.

Improve Your Heating and Cooling Units Today

Been procrastinating installing new heating and cooling system? Talk with the Experts at 315-313-6531 or contact us online. We can help you find an energy-efficient system you can earn tax benefits from the following year.

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