Can I Earn Tax Credits for My New Furnace?

For many homeowners, there always seems to be a large list of home improvement to-do’s that they would like to get done or new ideas they’d like to try. While a handful may not be required, furnace replacement is an example of a job that could be key to keeping your home comfortable throughout the colder months in Myrtle Beach.

Getting a new furnace is a large investment. You’ll certainly notice the return-on-investment on your indoor comfort as well as your utility costs, but it could be a little daunting at first. The good news is that when you shop for a new energy-efficient furnace, you could be qualified 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 buy a furnace that has earned the ENERGY STAR label. However, it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When browsing for furnace replacements, watch for solutions with the ENERGY STAR rating so you can be certain you’re selecting a high-efficiency furnace.

At Polar Air & Mechanical, our team can help you determine a solution that meets your needs and makes sure you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you will want to confirm the furnace you choose has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE indicates the percent of heat produced for every dollar of fuel consumed.

Qualifying for the tax credit won’t be the only savings you’ll observe when you get a new high-efficiency furnace. Many of the most efficient solutions can save you hundreds of dollars on your energy costs all year long. And your family will also have higher confidence in your HVAC system to help your home stay at just the right temp.

If you have questions concerning your eligibility for a tax credit, or if there are further local savings you may be eligible for by getting a new high-efficiency furnace, give our teams at Polar Air & Mechanical a call at 843-253-4874. You can also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.