How to Earn the Residential Energy Efficiency Property Credit in Long Island in 2020
As far as energy-efficient HVAC installation in Long Island, there’s good news for homeowners at tax time.
The Residential Energy Efficient Property Credit will now go through 2020. This can make you eligible for reductions for energy-efficient home modifications, like updated heating and cooling systems, water heaters and heat pumps.
What Equipment is Eligible?
To be entitled for the incentive, the residence must be the taxpayer’s chief house in the United States. The improvement needs to work for five years or more, with the original use originating with you.
What Kinds of Improvements are Regarded as High-Efficiency Upgrades?
Typically, this tax reduction equals 10% of the expense of the subsequent energy-saving enhancements that meet specific ENERGY STAR® guidelines:
- Advanced main air-circulating fans
- Energy-efficient gas, propane or oil furnaces
- Energy-efficient gas, propane or oil hot water boilers
- Energy-efficient heat pumps
- Energy-efficient water heaters
- Energy-efficient central air conditioners
- Insulation
- Qualified metal and asphalt roofing
- Particular exterior storm windows, skylights and storm doors
- Solar/geothermal energy products, such as solar electricity, solar water heaters and geothermal heat pumps
How Much Can I Claim?
Yes, there’s a lifetime maximum credit of $500 per home. This means if you have taken this incentive in past years, you are required to lower any credit you already claimed.
If you’ve already claimed the max amount, you won’t be eligible for any extra reductions with this continuation.
Credit Caps for Certain Units
Credits have a limit for a couple of eligible solutions:
- Windows and skylights—$200
- Advanced main air circulation—$50
- Hot water boilers—$150
- Energy-efficient equipment—$300
If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.
Improve Your Heating and Cooling Equipment Today
Been delaying upgrading your heating and cooling units? Talk with the Experts at 631-406-9220 or contact us online. We can help you select an energy-efficient system you can earn tax benefits from the following year.
