The federal tax credits; including most heating and cooling system installations was extended! Not only will this save you some money, it will encourage people to choose to install energy saving products. Which, also makes our planet excited! However, there is a lot involved with the 2018 federal tax credit extension. This article will explain the 2018 federal tax credit extensions for different HVAC system options.
Geothermal Heating and Cooling
Great news for those interested in installing a geothermal heating and cooling system! Thanks to the 2018 federal tax credit extension, now through 2019 you’ll get 30% of the cost of the system back. That’s a huge savings! If your system was installed January 1, 2017 or after, you can still obtain the tax credit.
After December 31, 2019 there are still savings available. In 2020 you’ll receive 26% of the cost, and in 2021 22% of the cost. Geothermal is a fantastic option when it comes to efficiently heating and cooling your home. Therefore, take advantage of this while it lasts! For more information on geothermal heating and cooling systems contact our office.
Conventional HVAC (Heat Pumps)
Conventional heating and cooling systems fall under the home improvement tax credit. Which affects the personal tax return of the homeowner. Homeowners can receive 10% of the amount paid back ($500 maximum) when installing a qualifying system. During a complimentary in-home evaluation our comfort consultants can let you know which systems qualify for this tax credit. If it’s time to upgrade your current system be sure to contact us!
More Information on the 2018 Federal Tax Credit
If you have any additional questions regarding the 2018 federal tax credit extensions contact our office. Or, you can learn more from this article on Forbes. This is a major plus for consumers wanting to upgrade their current HVAC systems to more energy efficient ones. Now you can not only help save on your heating and cooling costs, but on the cost of the new system as well!