Can I Receive a Tax Credit for My New Furnace?

For many families, there always seems to be a large list of home improvement projects that they need to complete or new ideas they’d like to attempt. While some may not be required, furnace replacement is one task that may be key to keeping your home comfortable through the winter months in Port St. Lucie.

Selecting a new furnace is a sizeable investment. You’ll certainly feel the return-on-investment on your indoor comfort along with your energy bills, but it might be a little overwhelming at first. The good news is that when you purchase a new energy-efficient furnace, you may be eligible for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were extended through December 31, 2020. In order to receive the tax credit, you are required to select a furnace that has earned the ENERGY STAR label. It cannot be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When researching furnace replacements, look for heat pumps with the ENERGY STAR rating so you can be sure you’re picking a high-efficiency furnace.

At Custom Air Systems Inc, our team can help you select an option that matches your needs and ensures you qualify for this tax credit. While ENERGY STAR products designate high efficiency, it’s important to clarify that the furnace you pick has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE indicates the percent of heat produced for every dollar of fuel consumed.

This tax credit is not going to be the only savings you’ll observe when you get a new high-efficiency furnace. A lot of the most efficient products can save you hundreds of dollars on your utility costs all year long. And your household will also have higher confidence in your HVAC system to keep your house at just the right temperature.

If you have questions concerning your eligibility for a tax credit, or if there are other local savings you may be eligible for by getting a new high-efficiency furnace, give our experts at Custom Air Systems Inc a call at 772-247-2283. You could also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.