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

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

The Residential Energy Efficient Property Credit will now go through 2020. This may entitle you to 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 reduction, the house must be the taxpayer’s chief residence in the United States. The enhancement should have a life of at least five years, with the initial use starting with the homeowner.

What Kinds of Changes are Considered High-Efficiency Renovations?

Usually, this tax credit equals 10% of the price of the ensuing 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 cap of $500 per location. This means if you have claimed this reduction in past years, you are required to decrease any credit you already claimed.

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

Credit Limits for Particular Units

Credits are restricted for certain qualified equipment:


  • 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 Units Today

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

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