For most households, there usually seems to be a large list of home improvement to-do’s that they need to do or new ideas they’d like to give a shot. While a handful may not be required, furnace replacement is an example of a task that may be critical to keeping your home comfortable through the winter months in Michigan City.
Getting a new furnace is a great investment. You’ll definitely see the return-on-investment on your indoor comfort as well as your energy bills, but it might be a tad overwhelming at first. The good news is that when you purchase a new energy-efficient furnace, you could be approved 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 get the tax credit, you are required 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 looking for furnace replacements, keep an eye out for heat pumps with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency furnace.
At Paniccia Heating & Cooling, we’ll help you identify a solution that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you’ll need to clarify that the furnace you pick 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.
Qualifying for the tax credit is not going to be the only savings you’ll receive when you buy a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your energy costs during the year. And your family will also have greater confidence in your HVAC system to maintain your indoor space at just the right temp.
If you come across questions concerning your eligibility for a tax credit, or if there are other local savings you could be eligible for by installing a new high-efficiency furnace, give our technicians at Paniccia Heating & Cooling a call at 219-872-2198. You may also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.