Home-related tax credits were all the rage in 2010. When these expired on December 31, 2010, new tax credits were passed that you can take advantage of now until the end of the year. There’s no guarantee that these financial incentives will extend into next year, so now is the time to act. Here are some categories that are included in the tax credit this year.
Heating, Ventilation and Air Conditioning (HVAC)
- Installing a qualified air-circulating fan can make you eligible for a $50 tax credit.
- Heat pumps and air conditioners with sufficiently high efficiency ratings can qualify you for $300 in tax credits. Heat pumps can both heat and cool your Twin Cities metro home depending on the time of year, while air conditioners can obviously only cool your home.
- Hot-water boilers and furnaces with sufficiently high AFUE ratings offer tax credits of $150. This amount includes the cost of installation for the boiler, but not for the furnace.
Solar
- Solar water heaters come in many different varieties, so make sure you know the requirements to qualify for the 30 percent tax credit with no upper limit. The tax credits for this category don’t expire until 2016, so you have some time to decide what will work best for your home. The same is true for solar panels.
Air Sealing
- Having your home sealed can qualify you for a 10 percent tax credit or up to $500, not including the installation cost. Air sealing reduces the infiltration of outdoor air into your home to help you save money on energy bills. Materials that qualify for the tax credit include weatherstripping, spray foam, caulk, and house-wrap materials.
You can gain more information on every category that is included in the 2011 federal tax credit by visiting the Energy Star website. For access to the products you need to qualify for these tax credits, contact Marsh Heating & Air Conditioningin the Twin Cities metro area. You will benefit from quality, affordable products and superior customer service when you choose Marsh.
Our goal is to help educate our customers about energy and home comfort issues (specific to HVAC systems). For more information about tax credits and other HVAC topics, download our free Home Comfort Resource guide.
Marsh Heating and Air Conditioning services Minnesota’s Twin Cities. Visit our website to see our special offers and get started today!