Can I Get Tax Credits for My New Furnace?

For many homeowners, there usually seems to be a large list of home improvement projects that they would like to complete or new ideas they’d like to try. While a handful may not be necessary, furnace replacement is an example of a project that could be key to keeping your home comfortable throughout the winter months in Central Point.

Selecting a new furnace is a great investment. You’ll definitely notice the return-on-investment on your indoor comfort in addition to your energy bills, but it could be a bit overwhelming at first. The good news is that when you shop for a new energy-efficient furnace, you might be qualified for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were pushed through December 31, 2020. In order to obtain the tax credit, you have to buy 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 browsing 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 Titan Heating & Air Conditioning, the experts will help you choose an option that fits your needs and helps you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you’ll need to check the furnace you pick has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE means the percent of heat produced for every dollar of fuel consumed.

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

If you come across questions about your eligibility for a tax credit, or if there are other local savings you could be eligible for by installing a new high-efficiency furnace, give our technicians at Titan Heating & Air Conditioning a call at 541-286-6617. You could also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.