Did you get a chance to cash in on the $1,500 energy tax credit last year? If not, don’t worry – the government has extended the credit through the rest of this year! Unfortunately, it’s been trimmed down a little, but this is still a perfect time to get some great rebates on new energy efficient appliances (that will end up saving you money anyway!).
2011 Energy Tax Credit Information
The 2011 energy tax credit is a little different. Instead of getting back a percentage of the cost of your appliance installation, every piece of HVAC equipment that you install has a defined amount that you will get back. The value of the 2011 energy tax credit varies based on the appliance:
Energy tax credit for air conditioners (split system) – maximum $300
Split system air conditioner energy efficiency requirements: 16 SEER, 13 EER
Energy tax credit for air conditioners (packaged) – maximum $300
Packaged air conditioner energy efficiency requirements: 14 SEER, 12 EER
Energy tax credit for heat pumps (split system) – maximum $300
Split system heat pump energy efficiency requirements: 15 SEER, 12.5 EER, 8.5 HSPF
Energy tax credit for heat pumps (packaged) – maximum $300
Packaged heat pump energy efficiency requirements: 14 SEER, 12 EER, 8 HSPF
Energy tax credit for split system gas / electric heaters – maximum $300
Split system heater energy efficiency requirements: 14 SEER, 12 EER
Energy tax credit for natural gas, propane or oil furnaces or boilers – maximum $150
Furnace energy efficiency requirements: 95% AFUE
Energy tax credit for advanced main air circulating fans – maximum $50
Advanced main air fan energy efficiency requirements: advanced main fan must account for no more than 2% of the total furnace energy use
2011 Energy Tax Credit Conditions
The maximum amount you can claim as part of the tax credit has been reduced from 30% of your job to 10% of the job, and from $1,500 to $500. Energy efficiency upgrades that qualify for the tax credit include upgrading insulation, windows and HVAC appliances and equipment.
The $500 maximum is reduced by the total amount of energy tax credits you’ve claimed since 2006. This means that if you’ve already received more than $500 in energy tax credits you will unfortunately not be eligible for the new one.
The tax credit program for geothermal heat pumps remains unchanged – this means if you installed a geothermal heat pump in the last year your tax credit will remain as it is through December 31, 2016.
If you want more information on the 2011 energy tax credit or if you want to get in on it by installing new energy efficient appliances, call All Seasons Heating & Cooling today!