If you have installed any heating, cooling, air quality, or pluming equipment this year, or are planning on doing so, do you qualify for a rebate or tax credit?
All high-efficiency products reward you every month in savings on your utility bills. It’s just smart to install high-efficiency heating and cooling equipment and energy-saving water heaters.
In addition to long-term savings, many utility companies, manufacturers, and even the federal government want to reward you immediately for making the right choice. However, you’ll have to buy very specific equipment, have it installed by qualified contractors, and apply for the rebates and credits yourself.
You may receive a rebate for products such as high-efficiency clothes washers and refrigerators, lighting, high-efficiency furnaces and heat pumps, and high-efficiency cooling equipment.
In January of this year, the IRS reinstated federal tax credits that had previously expired in 2011. The tax credits will expire on December 31, 2013, and nobody knows if they will be extended again. So if you’re even thinking about installing new equipment, plan on doing it before the new year.
The equipment that qualifies is specific, and includes:
- Central air conditioners, $300 in credit
- Electric heat pumps, $300 in credit
- Furnaces, $150 in credit
- Boilers, $150 in credit
- Water heaters, $300 in credit
- Advanced main air circulating fans, $50 in credit
To get the specifics for each type of equipment and for guidance on how to apply for your credit, visit http://www.energystar.gov/index.cfm?c=tax_credits.tx_index.
For rebates that your manufacturer offers, your contractor should be able to guide you about specific products, whether you qualify, and how to apply for the rebate.
Do your research to determine any rebates that your utility company offers. Note that rebates on electric-powered equipment are much more common than on gas-powered, but gas company rebates do exist. Water utility rebates can include a dishwasher, washing machine, or water heater. Check your utility company’s website or just give them a call to see if the equipment you installed, or are planning on installing, qualifies.
To help you in your search of available tax credits, visit the Tax Incentives Awareness Project (TIAP) website, http://energytaxincentives.org/, or the Database of State Incentives for Renewables and Efficiency (DSIRE) site at http://www.dsireusa.org/. Both will help you find out what’s available to you.
Good luck with your search. We hope this helps you get every rebate and tax credit you are entitled to, so that you’re rewarded for choosing high-efficiency products.