For many families, there always seems to be a large list of home improvement projects that they want to get done or new ideas they’d like to attempt. While several may not be necessary, furnace replacement is a project that could be key to keeping your home comfortable during the colder months in Paxinos.
Selecting a new furnace is a great investment. You’ll certainly feel the return-on-investment on your indoor comfort along with your utility costs, but it may be a tad intimidating at first. The good news is that when you buy a new energy-efficient furnace, you could 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 obtain the tax credit, you are required to purchase a furnace that has earned the ENERGY STAR label. However, it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When looking for furnace replacements, look for heat pumps with the ENERGY STAR rating so you can be sure you’re selecting a high-efficiency furnace.
At LTS Plumbing & Heating Inc., our team can help you find an option that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you will want 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 indicates the percent of heat produced for every dollar of fuel consumed.
This tax credit will not be the only savings you’ll find when you buy a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your utility costs all year long. And your family will also have greater confidence in your HVAC system to keep your house at just the right comfort level.
If you think of questions concerning your eligibility for a tax credit, or if there are additional local savings you may be eligible for by buying a new high-efficiency furnace, give our teams at LTS Plumbing & Heating Inc. a call at 570-648-0748. You could also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.