As far as energy-efficient HVAC installation in Oklahoma City, there’s good news for homeowners this tax period.
The Residential Energy Efficient Property Credit will now go through 2020. This could entitle you to credits for energy-efficient home modifications, like modern heating and cooling equipment, water heaters and heat pumps.
What Makes My Purchase Eligible?
To qualify for the reduction, the residence is required to be the taxpayer’s primary house in the United States. The enhancement needs to have a life of at least five years, with the initial use starting with the homeowner.
What Kinds of Improvements are Eligible to be High-Efficiency Updates?
Usually, this tax credit corresponds with 10% of the cost of the following energy-saving enhancements that meet certain ENERGY STAR® conditions:
- 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
- Certain metal and asphalt roofing
- Energy-efficient exterior storm windows, skylights and storm doors
- Solar/geothermal energy products, like solar electricity, solar water heaters and geothermal heat pumps
Am I Limited to Claiming a Certain Amount?
Yes, there’s a lifetime restriction of $500 per location. This means if you have taken this incentive in previous years, you are required to reduce any credit you previously claimed.
If you have claimed the top amount, you won’t qualify for any extra incentives under this expansion.
Credit Maximums for Particular Items
Credits have a limit for a couple of participating items:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient units—$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.
Improve Your Heating and Cooling Units Today
Been delaying getting new heating and cooling equipment? Call the Experts at 405-432-2197 or contact us online. We can help you choose an energy-efficient system you can get tax benefits during the upcoming year.