Can I Earn Tax Credits for My New Furnace?

For a lot of homeowners, there always seems to be a large list of home improvement to-do’s that they want to complete or new ideas they’d like to try. While a handful may not be necessary, furnace replacement is a job that could be vital to keeping your home comfortable throughout the colder months in Belton.

Selecting a new furnace is a large investment. You’ll definitely see the return-on-investment on your indoor comfort along with your energy bills, but it might be a bit daunting at first. The good news is that when you purchase a new energy-efficient furnace, you may 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 receive the tax credit, you must 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 Myers Furnace Company, our team can help you find an option that matches your needs and helps you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, it’s important to check the furnace you choose has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE represents the percent of heat produced for every dollar of fuel consumed.

Qualifying for the tax credit won’t be the only savings you’ll receive when you select a new high-efficiency furnace. Many of the most efficient products can save you hundreds of dollars on your utility costs throughout the year. And your family will also have more confidence in your HVAC system to maintain your indoor space at just the right temperature.

If you have questions concerning your eligibility for a tax credit, or if there are additional local savings you may be eligible for by getting a new high-efficiency furnace, give our teams at Myers Furnace Company a call at 816-249-1619. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.