Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For a lot of families, there typically seems to be a long list of home improvement tasks that they need to do or new ideas they’d like to give a shot. While some may not be necessities, furnace replacement is one project that could be critical to keeping your home comfortable through the colder months in Carpentersville.

Buying a new furnace is a sizeable investment. You’ll absolutely notice the return-on-investment on your indoor comfort as well as your energy bills, but it could be a tad overwhelming at first. The good news is that when you buy a new energy-efficient furnace, you may be qualified for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were prolonged through December 31, 2020. In order to receive the tax credit, you are required to buy 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 browsing for furnace replacements, watch for products with the ENERGY STAR rating so you can be sure you’re selecting a high-efficiency furnace.

At Controlled Comfort HVAC Inc, we’ll help you determine a solution that meets your needs and makes sure you qualify for this tax credit. While ENERGY STAR products designate high efficiency, it’s important to clarify that the furnace you choose has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE represents the percent of heat produced for every dollar of fuel consumed.

Taking advantage of this opportunity is not going to be the only savings you’ll receive when you buy a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your energy costs throughout the year. And you’ll also have more confidence in your HVAC system to keep your house at just the right comfort level.

If you come across questions regarding your eligibility for a tax credit, or if there are other local savings you might be eligible for by purchasing a new high-efficiency furnace, give our professionals at Controlled Comfort HVAC Inc a call at 224-412-8308. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.

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