How to Get the Residential Energy Efficiency Property Credit in Albany in 2020

In regard to energy-efficient HVAC installation in Albany, there’s great news for you this tax period.

The Residential Energy Efficient Property Credit will now go through 2020. This may qualify you for incentives for energy-efficient home modifications, like new heating and cooling systems, water heaters and heat pumps.

What Equipment is Eligible?

To qualify for the incentive, the residence must be the taxpayer’s main residence in the United States. The improvement should have a life of a minimum of five years, with the first use starting with the homeowner.

What Types of Changes are Eligible to be High-Efficiency Updates?

Typically, this tax incentive equals 10% of the price of the subsequent energy-saving enhancements that meet particular ENERGY STAR® guidelines:

  • Advanced main air-circulating fans
  • Energy-efficient gas, propane or oil furnaces
  • Energy-efficient gas, propane or oil hot water boilers
  • Energy-efficient heat pumps
  • Energy-efficient water heaters
  • Energy-efficient central air conditioners
  • Insulation
  • Certain metal and asphalt roofing
  • Certain exterior storm windows, skylights and storm doors
  • Solar/geothermal energy products, for example solar electricity, solar water heaters and geothermal heat pumps

Is There a Maximum Amount I Can Claim?

Yes, there’s a lifetime maximum credit of $500 per home. This means if you have claimed this incentive in past years, you should decrease any credit you already claimed.

If you have claimed the top amount, you aren’t eligible for any additional incentives under this extension.

Credit Limits for Certain Units

Credits are restricted for certain qualified solutions:

  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient systems—$300

If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.

Upgrade Your Heating and Cooling System Today

Been delaying installing new heating and cooling units? Call the Experts at 518-417-2938 or contact us online. We can help you find an energy-efficient system you can reap tax benefits from the next year.

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