For most households, there always seems to be a large list of home improvement tasks that they want to get done or new ideas they’d like to try. While some may not be necessary, furnace replacement is a project that could be vital to keeping your home comfortable through the cooler months in Lexington.
Buying a new furnace is a large investment. You’ll certainly see the return-on-investment on your indoor comfort along with your energy bills, but it might be a bit intimidating 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 pushed through December 31, 2020. In order to receive the tax credit, you have to buy a furnace that has earned the ENERGY STAR label. Keep in mind it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When researching furnace replacements, look for solutions with the ENERGY STAR rating so you can be certain you’re picking a high-efficiency furnace.
At James Heating & A/C, Inc, we’ll help you identify an option that matches your needs and ensures you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you will want to check the furnace you select has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE means the percent of heat produced for every dollar of fuel consumed.
Qualifying for the tax credit will not be the only savings you’ll find when you get a new high-efficiency furnace. Many of the most efficient furnaces can save you hundreds of dollars on your energy costs throughout the year. And your family will also have greater confidence in your HVAC system to help your home stay at just the right temperature.
If you come across questions about your eligibility for a tax credit, or if there are further local savings you could be eligible for by installing a new high-efficiency furnace, give our professionals at James Heating & A/C, Inc a call at 336-853-6070. You may also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.