Thanks to the Inflation Reduction Act of 2022, homeowners looking to improve the energy efficiency of their homes are being rewarded with tax credits for eligible home improvements. That means you can get more money back on your taxes while also reducing your energy costs!
Call Elite Electric, Plumbing & Air today for more information about how you can take advantage of this opportunity.
Products Eligible for Tax Credit
Wondering what kind of home improvements can help you get the extra tax credit? Any of the following are eligible:
- All ENERGY STAR certified packaged central AC systems
- Heat pumps or ductless mini split systems with a SEER2 rating of 16 or higher
- ENERGY STAR certified gas furnaces with AFUE rating of 97% or higher
- ENERGY STAR certified water heaters with 0.81 UEF or higher (for tanks less than 55 gallons) and 0.86 UEF or higher (for tanks over 55 gallons)
- ENERGY STAR certified tankless water heaters with 0.95 UEF or higher
Electrical panel upgrades and replacements are also eligible if they meet the following criteria:
- The panel must be installed up to the National Electric Code
- It must have a load capacity of 200 amps or more
- The Panel upgrade/ replacement must be done alongside (or to facilitate) qualified energy-effect improvements.
How You Can Take Advantage of Federal Tax Credits
Any of the above-mentioned equipment makes you eligible for a tax credit if they are installed between January 1, 2023 and December 31, 2032.
In most cases, up to 30% of the total project can be claimed (including equipment and labor), earning you as much as $2,000 back.