Family enjoying the comfort of home

Can I get a tax credit for my new furnace?

For a lot of homeowners, there typically seems to be a lengthy list of home improvement to-do’s that they need to do or new ideas they’d like to attempt. While a handful may not be necessary, furnace replacement is a job that might be vital to keeping your home comfortable throughout the winter months in Columbus.

Purchasing a new furnace is a big investment. You’ll certainly feel the return-on-investment on your indoor comfort as well as your utility costs, but it could be a tad daunting at first. The good news is that when you select a new energy-efficient furnace, you might be approved 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 are required to purchase 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 shopping for furnace replacements, watch for heat pumps with the ENERGY STAR rating so you can be confident you’re picking a high-efficiency furnace.

At Wolfe & Sons Heating and Cooling, we’ll help you find a solution that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products designate high efficiency, it’s important to check the furnace you select 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.

Taking advantage of this opportunity will not be the only savings you’ll receive 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 household will also have greater confidence in your HVAC system to help your home stay at just the right temperature.

If you come across questions regarding your eligibility for a tax credit, or if there are additional local savings you could be eligible for by getting a new high-efficiency furnace, give our technicians at Wolfe & Sons Heating and Cooling a call at 614-451-0846. You can also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.

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