How to Claim the Residential Energy Efficiency Property Credit in Saint Charles in 2020

In regard to energy-efficient HVAC installation in Saint Charles, there’s good news for you at tax time.

The Residential Energy Efficient Property Credit has been lengthened through 2020. This could qualify you for credits for energy-efficient home improvements, like updated heating and cooling systems, water heaters and heat pumps.

What Makes My Purchase Eligible?

To be entitled for the reduction, the residence must be the taxpayer’s primary house in the United States. The improvement should have a life of five years or more, with the initial use beginning with the taxpayer.

What Varieties of Improvements are Eligible to be High-Efficiency Updates?

Generally, this tax credit equals 10% of the cost of the subsequent energy-saving changes that meet specific 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
  • Insulation
  • Qualified metal and asphalt roofing
  • Qualified exterior storm windows, skylights and storm doors
  • Solar/geothermal energy equipment, like solar electricity, solar water heaters and geothermal heat pumps

 

Is There a Limit to How Much I Can Claim?

Yes, there’s a lifetime max credit of $500 per property. This means if you have taken this incentive in prior years, you should decrease any credit you claimed earlier.

If you’ve previously claimed the highest amount, you aren’t eligible for any extra credits with this expansion.

Credit Maximums for Particular Items

Incentives are restricted for certain eligible equipment:


  • 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.

Upgrade Your Heating and Cooling System Today

Been procrastinating buying new heating and cooling units? Call the Experts at 630-246-2698 or contact us online. We can help you choose an energy-efficient system you can get tax benefits from the next year.

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