For most homeowners, there typically seems to be a long list of home improvement projects that they would like to do or new ideas they’d like to give a shot. While some may not be necessities, furnace replacement is an example of a task that may be critical to keeping your home comfortable throughout the winter months in Bishop.
Getting a new furnace is a big investment. You’ll absolutely see the return-on-investment on your indoor comfort as well as your utility costs, but it could be a bit intimidating at first. The good news is that when you purchase 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 prolonged through December 31, 2020. In order to receive 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 certain you’re selecting a high-efficiency furnace.
At Bishop Heating & Air Conditioning, we’ll help you choose a solution that meets your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you will want to clarify that the furnace you select has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE means 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 get a new high-efficiency furnace. Some of the most efficient solutions 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 maintain your indoor space at just the right comfort level.
If you come across questions about your eligibility for a tax credit, or if there are further local savings you might be eligible for by buying a new high-efficiency furnace, give our teams at Bishop Heating & Air Conditioning a call at 760-784-9034. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.