Friday, January 18, 2013

Fiscal Cliff Deal Restores Energy Tax Credits

One additional bonus from the recent Fiscal Cliff Agreement was the extension of The American Taxpayer Relief Act tax credits which had expired in 2011.  Not only have they extended the credits through 2013, but have made them retroactive to January, 2012 and included credits for air conditioners and heat pumps.

If you installed a high-efficiency system in 2012, it may qualify for the retroactive credit.  If you are looking to update your current HVAC system with new high-efficiency products, the tax credit is available through 2013 on eligible equipment, including:

furnaces  - $150
boilers - $150
advanced main circulating fans - $50
central air conditioners - $300
heat pumps - $300
water heaters - $300

The maximum amount you can claim is $500, and it is cumulative to the beginning of the tax credit period, which started in 2006.  In other words, if you have already claimed $500 on other energy-efficient home improvement projects (i.e., windows, insulation), you cannot claim any additional credits.  For more information on qualifying equipment, contact your tax preparer

In Southeastern Wisconsin, call 1st Choice Heating & Cooling at 262-547-2030 for more information on installing energy-efficient products in your home.








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