Potential HVAC Tax Credits (2024)
Potential HVAC Tax Credits
Have you made recent ENERGY STAR® Certified upgrades or energy-efficient updates to your home? If so, you may qualify for certain HVAC tax credits. The Inflation Reduction Act of 2022 provides federal rebates for people who make certain energy-efficient home upgrades to their primary residences that can result in money back and energy savings throughout the year. Let’s look at what upgrades qualify for tax credits and how you can obtain a rebate for your most recent home improvement project. At Herrmann Services, we’re dedicated to helping homeowners throughout the Greater Cincinnati area make wise investments in their homes that are budget-conscious, safe, and eco-friendly.
Energy Efficient Home Improvement Credit
Many home improvements that began after January 1, 2023, may qualify for tax credits totaling up to $3,200. Each qualifying purchase can result in you receiving up to 30% of your expenses back into your pockets. Every purchase can save you money, and there is no limit to the number of rebates you can receive.
The government created these opportunities to help homeowners make smart, energy-efficient home upgrades that help conserve energy and reduce their carbon footprints. As a bonus, energy-efficient upgrades typically result in lower monthly energy bills.
What Can Qualify for the Home Improvement Credit?
Many appliances and upgrades qualify for tax credits as long as they were initiated after January 1, 2023. These upgrades will continue to qualify for tax credits through December 31, 2032. Some qualifying purchases are listed below, along with the amount you can receive:
Biomass Stove: up to $2,000
Boilers: up to $2,000 back.
Central Air Conditioner: up to $600
Exterior Doors: up to $250 per door and up to $500 total
Furnace: up to $600
Geothermal Heat Pump: up to $2,000
Home Energy Audits: up to $150
Insulation and Air Sealing Systems: up to $1,200
Natural Gas, Propane, or Oil Water Heaters: up to $600
Homeowners who purchase an updated HVAC system, for example, can receive an HVAC tax credit. This program makes home improvements more affordable.
What was the Inflation Reduction Act?
The Inflation Reduction Act of 2022 created tax credits that homeowners can receive for purchasing certain high-efficiency appliances and upgrades—many of which boast the ENERGY STAR® label. This program was designed to encourage each homeowner to invest in their primary residence with high-quality energy-efficient options that reduce their carbon footprint and add to energy savings.
The Inflation Reduction Act of 2022 was also designed to stimulate the economy and reduce inflation’s effect on homeowners across the United States.
Start Saving On Your Home Now!
At Herrmann Services, we’re more than just an HVAC, plumbing, and electrical business. We’ve been a part of the community for over half a century and are dedicated to providing the best home improvement solutions for your unique needs. With three generations of Herrmanns on the payroll, we’re committed to treating every customer like family and every home as if it’s our own. When you trust our team with your HVAC replacement, plumbing repairs, or electrical upgrades, you can rest assured that we’ll do the job right.
If you want to make energy-efficient upgrades to your home, you may qualify for an HVAC tax credit. Contact us to discuss your options and get started on your home improvement project. Our team of experts is standing by to provide excellent service at a fair price to our customers throughout Greater Cincinnati and Northern Kentucky.
Featured Image: Vitalii Vodolazskyi / Shutterstock