For most households, there typically seems to be a long list of home improvement projects that they want to get done or new ideas they’d like to attempt. While some may not be required, furnace replacement is a task that may be key to keeping your home comfortable through the colder months in Payson.
Purchasing a new furnace is a big investment. You’ll absolutely realize the return-on-investment on your indoor comfort along with your energy bills, but it may be a bit intimidating at first. The good news is that when you shop for a new energy-efficient furnace, you might be approved for a federal tax credit.
According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were extended through December 31, 2020. In order to obtain the tax credit, you have to purchase a furnace that has earned the ENERGY STAR label. It cannot be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When researching furnace replacements, keep an eye out for heat pumps with the ENERGY STAR rating so you can be certain you’re selecting a high-efficiency furnace.
At North Mechanical Heating and Cooling, we’ll help you identify a product that matches your needs and ensures you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you’ll need to check the furnace you select has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE means the percent of heat produced for every dollar of fuel consumed.
Taking advantage of this opportunity will not be the only savings you’ll observe when you get a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your utility costs during the year. And your household will also have higher confidence in your HVAC system to maintain your indoor space at just the right temperature.
If you come across questions regarding your eligibility for a tax credit, or if there are additional local savings you might be eligible for by purchasing a new high-efficiency furnace, give our experts at North Mechanical Heating and Cooling a call at 928-263-8570. You may also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.