Category : IRS

Do You Qualify for an Energy Efficient Tax Credit?

HVAC contractor

Yes, it’s tax season again and we know you all love doing your taxes. That’s why our HVAC contractor is here – to help you save even more with energy efficient tax credits.

According to the IRS, you can receive a tax credit if you have an energy-efficient home. If you made an improvement to your home last year, you may qualify for the Residential Energy Efficient Property Credit or the Non-Business Energy Efficient Property Credit.

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2012 Tax News: IRS Now Accepting Energy Tax Credit Forms

Once again, we’d like to thank the hardworking staff of Air Conditioning Contractors of America (ACCA), for bringing us the latest news and information about government issues and announcements that affect homeowners and the energy industry. Please take a moment to read this blog post by Charlie McCrudden, the ACCA VP for Government Relations, which details the IRS’ announcement that they are now accepting returns claiming the Energy Tax Credit for homeowners who purchased high efficiency heating, cooling, or hot water systems in 2012. The original post contains links to forms you will need when filing for this credit.

HVAC News You Can Use, Straight From Capitol Hill

While the rest of us were riveted to the NFL playoffs over the weekend, the intrepid Hill-watchers of the Air Conditioning Contractors of America rounded up some information that will be very important for homeowners who either replaced their HVAC equipment in 2012 or are considering a replacement in 2013.

First, for the already-replaced camp: good news! The Fiscal Cliff deal included a reinstatement of the Energy Credit for homeowners who installed high-efficiency equipment in 2012. However, because the deal was reached past its original deadline, the IRS will need more time to update their systems to accept this credit. Homeowners will not be able to file the appropriate form on the official start date of 2012 taxes (January 30th), but will have to wait for this update to be complete, expected happen in late February or early March. There will also be a delay in the release of updated materials that can help homeowners determine whether their new equipment qualifies for the credit. We will continue to update our customers on the general progress of this update as we receive more information, and of course will be happy to help homeowners who purchased their systems from Oliver determine eligibility as the qualifications are released.

Next, for the thinking-about-replacing camp: pending good news! As of late Friday, the 11th, the US EPA has agreed to withdraw the pending minimum efficiency standards that were set to go into effect on May 1, 2013. These standards would have required all installed furnaces to be rated at 90% efficiency or higher. As we’ve said before, we are all for high-efficiency units that save customers energy and money, but we also know that they are not the best solution for every home and situation. If this settlement is accepted by the Court, non-condensing furnaces will remain legal to install in all states until further notice. Keep an eye on our regional standards page for updates on this settlement.

Thanks again to ACCA for being on top of these stories! What are your thoughts on these developments? Share them in the comments!