Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For many families, there usually seems to be a lengthy list of home improvement to-do’s that they want to get done or new ideas they’d like to give a shot. While a handful may not be required, furnace replacement is a job that could be key to keeping your home comfortable throughout the cooler months in Wisconsin Rapids.

Purchasing a new furnace is a sizeable investment. You’ll absolutely feel the return-on-investment on your indoor comfort in addition to your energy costs, but it could be a tad daunting at first. The good news is that when you buy a new energy-efficient furnace, you may be eligible 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. It cannot be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When looking for furnace replacements, watch for products with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency furnace.

At Rapids Sheet Metal Works Inc, the experts will help you identify a solution that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products designate high efficiency, it’s important to confirm the furnace you pick 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 is not going to be the only savings you’ll find when you buy a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your utility costs all year long. And your family will also have higher confidence in your HVAC system to maintain your indoor space at just the right comfort level.

If you think of questions regarding your eligibility for a tax credit, or if there are further local savings you could be eligible for by getting a new high-efficiency furnace, give our teams at Rapids Sheet Metal Works Inc a call at 715-301-0256. You could also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.

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