Can I Get a Tax Credit for My New Furnace?

For a lot of homeowners, there usually seems to be a long list of home improvement tasks that they would like to complete or new ideas they’d like to try. While a handful may not be necessities, furnace replacement is an example of a task that might be vital to keeping your home comfortable throughout the winter months in Belton.

Purchasing a new furnace is a great investment. You’ll certainly realize the return-on-investment on your indoor comfort along with your energy bills, but it may be a little overwhelming at first. The good news is that when you buy a new energy-efficient furnace, you may be qualified for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were prolonged through December 31, 2020. In order to get the tax credit, you must 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 shopping for furnace replacements, watch for solutions with the ENERGY STAR rating so you can be confident you’re choosing a high-efficiency furnace.

At Myers Furnace Company, the experts will help you identify a solution that fits your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you will want 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 represents the percent of heat produced for every dollar of fuel consumed.

This tax credit won’t 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 family will also have more confidence in your HVAC system to keep your house at just the right temp.

If you come across questions about your eligibility for a tax credit, or if there are further local savings you could be eligible for by installing a new high-efficiency furnace, give our teams at Myers Furnace Company a call at 816-249-1619. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.