For many families, there typically seems to be a long list of home improvement tasks that they would like to complete or new ideas they’d like to try. While a handful may not be necessities, furnace replacement is a project that could be key to keeping your home comfortable during the colder months in Hodgenville.
Getting a new furnace is a large investment. You’ll absolutely recognize the return-on-investment on your indoor comfort as well as your energy costs, but it might be a tad intimidating at first. The good news is that when you select a new energy-efficient furnace, you might be qualified for a federal tax credit.
According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were pushed through December 31, 2020. In order to obtain the tax credit, you are required to select 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 browsing for furnace replacements, watch for products with the ENERGY STAR rating so you can be sure you’re picking a high-efficiency furnace.
At Phelps Heating & Cooling, we’ll help you find an option that fits your needs and ensures you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you’ll need to clarify that 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 buy a new high-efficiency furnace. Some of the most efficient models can save you hundreds of dollars on your energy costs throughout the year. And your household will also have more confidence in your HVAC system to maintain your indoor space at just the right temperature.
If you have questions regarding your eligibility for a tax credit, or if there are further local savings you could be eligible for by buying a new high-efficiency furnace, give our teams at Phelps Heating & Cooling a call at 270-358-3167. You may also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.