Many homeowners are under the mistaken impression that tax credits for high efficiency heating and cooling equipment expired in 2010. While the government has cut the amount of the credits, they have not been eliminated entirely. Homeowners who have not upgraded their older-model air conditioners and furnaces should do so now before the credits really are gone for good.
The amount of the tax credit available from the government varies depending on the type of HVAC system you choose. The largest credits are available on the most energy efficient geothermal heating and cooling system. Someone who lives in the Cleveland area could cut their home heating bill by 50 percent or more in the winter with a geothermal heating system and earn a rebate of 30 percent of the cost of the equipment and installation. The system uses the warmth in the ground to supply heat to your home and then reverses itself in the summer.
Tax credits are available as well for more conventional air conditioners or furnaces as long as they meet the federal government’s energy efficiency requirements. An air conditioner that carries the Energy Star label is eligible for a $300 rebate, and a furnace that meets or exceeds efficiency standards can earn you a rebate of $150 under current rules.
The biggest advantage to purchasing high efficiency HVAC equipment is the energy savings that you will enjoy for years to come. These new units can heat or cool your home while using one third less electricity than the units that were installed in homes before 2006. Over the course of the life of the new equipment, this can mean that your utility bill will be cut by thousands of dollars.
To make sure that you are eligible for the federal tax credits and can choose a new heating and/or cooling system that best fits your Cleveland area home, contact the service professionals at Geisel Heating Air Conditioning and Plumbing. We have 75 years experience handling the heating and cooling needs of homeowners in the Cleveland area.
Our goal is to help educate our customers about energy and home comfort issues (specific to HVAC systems). For more information, click here to download our free Home Comfort Resource guide.
Geisel Heating, Air Conditioning and Plumbing services Western Cleveland. To get started, check out our website.