Can I Receive Tax Credits for My New Furnace?

For a lot of households, there always seems to be a large list of home improvement projects that they would like to get done or new ideas they’d like to attempt. While some may not be necessities, furnace replacement is an example of a task that might be key to keeping your home comfortable during the cooler months in Carpentersville.

Purchasing a new furnace is a sizeable investment. You’ll absolutely notice the return-on-investment on your indoor comfort as well as your energy costs, but it could be a bit intimidating at first. The good news is that when you purchase a new energy-efficient furnace, you might be approved 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 get 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 looking for furnace replacements, watch for solutions with the ENERGY STAR rating so you can be confident you’re selecting a high-efficiency furnace.

At Controlled Comfort HVAC, our team can help you identify a solution that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you’ll need to confirm the furnace you select 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.

Qualifying for the tax credit will not be the only savings you’ll find when you select a new high-efficiency furnace. Some of the most efficient furnaces can save you hundreds of dollars on your utility costs all year long. And your household will also have more confidence in your HVAC system to keep your house at just the right comfort level.

If you think of questions regarding your eligibility for a tax credit, or if there are additional local savings you could be eligible for by getting a new high-efficiency furnace, give our teams at Controlled Comfort HVAC a call at 224-412-8308. You can also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.