Wednesday, January 13, 2010
HVAC Tax Credits
Part of the economic stimulus plan passed by Congress made significant changes and improvements to the tax incentives for federal taxpayers who install qualified higher efficiency heating ventilation, and air conditioning (HVAC) equipment in their primary residences. You may now qualify for tax credits equal to 30% of the costs (up to a $1,500 limit) for installing a high efficiency furnace, boiler, air conditioner, or heat pump. Changes made to the previous tax credits allow you to apply the entire $1,500 limit to a single installation. The old tax credit program limited the amount a taxpayer could to $500 and capped certain improvements. But you have to hurry because these tax credits are only available for improvements made in 2009 and 2010. Not taking advantage of this incentive just leaves money on the table. Advances in technology over the last ten years mean that today's higher efficiency HVAC equipment uses less energy, runs more quietly, and provides improved indoor air quality and comfort. And by using less energy and improved refrigerants, your new HVAC equipment is better for the environment. Most homeowners would like to reduce their energy bills with higher efficiency HVAC equipment, and these tax credits help make the initial investment more affordable. Talk to your local and licensed contractor about finding the right qualified equipment that meets your budget. They should be able to show you how much money and energy you could save over the long term. If you live in the Northern Virginia area, contact T.M. Street Heating & Air Conditioning, LLC at (703)291-0900 or visit them on the web at www.tmstreethvac.com .