The federal government has provided a way for citizens to qualify for a tax credit based on the purchase of energy-efficient products or renewable energy systems. Residential customers who have chosen Energy Star qualified products may be eligible to receive a tax credit of 30% of the cost of their appliances up to $1,500. These products will also result in lower energy bills for the consumer who will begin to see results in a short period of time.
The energy efficient heating and air conditioning models are more expensive than their regular counterparts and the government has acknowledged that the costs can put a strain on the budgets of most Americans. There are certain HVAC units that the government has approved and if you have one of the following you may be to participate in the savings as well.
Advanced Main Air Circulating Fan
If you purchased energy efficient products for your heating, ventilation and air conditioning needs there are certain systems that may qualify for the federal tax credit. An advanced main air circulating fan blows the heated air from your furnace through your duct system. It must not use more than 20% of your furnace’s total energy in order to meet the requirement and the tax credit also applies to the cost of installation.
However, some furnaces don’t qualify and you won’t be able to apply the credit unless the HVAC contractor separates the cost of the fan on your bill. By breaking out the cost you can get a 30% tax credit based on the purchase of the fan alone.
Central Air Conditioners
Many people have had to replace their air conditioners this season and if you’ve chosen an energy efficiency model you can also receive the tax credit. The way to find out if your unit qualifies is to check the manufacturer certification statement that should have been provided from your contractor. If you don’t have it or can’t locate it, you can always go online and search for the manufacturer’s website for the information pertaining to your appliance.
Air Source Heat Pumps
These heat pumps serve as an alternative to air conditioners and furnaces, and are particularly energy-efficient as they often provide more energy than they consume. They do this by utilizing electricity to move heat instead of generating heat. For example, during the winter the heat pumps move heat from outdoors to warm your house and during the summer the pumps work to move the heat outdoors in order to make your home cooler.
If you purchased your energy efficient HVAC units and/or systems in 2009, you can apply for the tax credit by completing the IRS form 5695 and submitting it with your 2009 taxes. The residential energy tax credit can be claimed on the form on line 52. If you made your purchase in 2010, you can file for the credit during the 2010 tax season in 2011. Either way, make sure you keep your receipts as proof of purchase. If you’re not sure whether or not you qualify, contact your contractor to verify which models were installed in your home.
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