Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For a lot of homeowners, there always seems to be a lengthy list of home improvement tasks that they need to get done or new ideas they’d like to try. While some may not be necessary, furnace replacement is one job that may be key to keeping your home comfortable during the colder months in Bossier City.

Purchasing a new furnace is a large investment. You’ll absolutely feel the return-on-investment on your indoor comfort in addition to your energy bills, but it could be a bit daunting at first. The good news is that when you pick 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 obtain the tax credit, you have to purchase 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 shopping for furnace replacements, keep an eye out for products with the ENERGY STAR rating so you can be confident you’re picking a high-efficiency furnace.

At Brooks Heating and Air Conditioning, the experts will help you choose a solution that fits your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you will want to confirm the furnace you pick 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.

This tax credit won’t be the only savings you’ll find when you buy a new high-efficiency furnace. A lot of the most efficient solutions can save you hundreds of dollars on your utility 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 regarding your eligibility for a tax credit, or if there are additional local savings you could be eligible for by purchasing a new high-efficiency furnace, give our teams at Brooks Heating and Air Conditioning a call at 800-COOLING. You can also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.

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