Time is running out on HVAC tax credits. If you want to lighten your tax burden, it is important to realize what products are still eligible for the current tax year.
Tax Credits Good Through 2011
For your existing primary residence only, meaning the credits are not good on investment properties or for rental units you own, these credits are good for 2011 only.
Central Air Conditioning $300 credit – This is for 13 and over EER and 16 and over SEER split systems. It is also good for 12 and over EER and 14 and over SEER package systems. The credit will include the installation costs. Electric Heat Pumps $300 credit – This is for 8.5 and over HSPF, 12.5 and over EER, and 15 and over SEER split systems. It is also good for 8 and over HSPF, 12 and over EER, and 14 and over SEER package systems. It will include the installation costs in the credit. Advanced Main Air Circulating Fan $50 credit – This is good for no more the 2 percent of the furnaces total energy use. However, if the fan qualifies but your furnace doesn’t, you can get 30 percent of a tax credit for the cost of the fan by itself. Furnaces and Boilers $150 credit – This is good on 95 and over AFUE natural gas or propane furnaces, 90 and over AFUE oil furnaces, and 90 or over AFUE gas, propane, or oil hot water boil. This credit includes the cost of installation.
There are tax credits that are good through 2016. These are good for new and existing homes on principal or second home, these have to be in service by December 31, 2016 to receive credit. Credit is 30 percent of the cost, with no limit on the value of the credit. Geothermal heat pumps, solar water heating properties, and photovoltaic systems are eligible.