Let’s Talk 2024 HVAC Tax Credits
Hey there, homeowners! If you’re looking to cut down on high energy bills while doing your part for the planet, listen up! Homeowners should know about some federal tax credits up for grabs for anyone upgrading to more efficient HVAC systems. But before you try to figure out the process all by yourself, let Simons Heating & Cooling offer some hassle-free help. Here’s how you can secure your HVAC tax credits in 2024.
The 101 of 2024’s HVAC Tax Credits
High-efficiency HVAC systems and other energy-efficient solutions should be available for every budget without breaking the bank on energy bills. Well, the Inflation Reduction Act can offer a lot of support. This legislation helps homeowners like you make the switch to all sorts of energy-efficient upgrades. We’re talking serious savings, but there are some restrictions to consider. To be eligible for these credits, you’ll need to fill out IRS Form 5695 and submit it when you file your taxes for the same year you installed those upgrades.
Big Savings with the Energy Efficiency Home Improvement Credit
So, how much are we talking about saving? When paired with a quality system, the Energy Efficiency Home Improvement Credit could cover up to $3,200 of the system’s cost! That’s a whopping 30% off your total project expenses. But if you want to really max out your savings, you’ll need to make a few more smart investments. Think a powerful new heat pump or upgrading to a higher efficiency furnace or air conditioner. It’s like hitting the home comfort jackpot.
Residential Clean Energy Credits for Renewables and More
For even more eco-friendly home upgrades, check out the Residential Clean Energy Credit. Applying can offer you lots of energy savings on clean energy upgrades. This includes the installation of things like solar panels and wind turbines. The credit is available until 2032, so there’s lots of time to plan for these projects.
What Else Qualifies for 2024 Tax Credits?
While climate control is maybe the largest portion of your monthly energy bill, it’s not just HVAC systems that make you eligible for the tax credits. Other equipment includes heat pump water heaters, modern electrical panels and even energy-efficient stoves or ovens! Basically, anything that helps slash those energy bills is fair game. You can know for sure by checking the specific make and model’s energy efficiency ratings before purchase.
Top Tips for Maximizing Your HVAC Tax Credits
Maybe you’re already excited about the potential savings, but did you know there’s still more you can do? Here are three extra tips to help you earn every last penny out of those HVAC tax credits:
- Get a professional energy audit to show where your home needs an energy-efficient upgrade the most.
- Bolster your home’s insulation and seal up any remaining ventilation drafts with better windows and doors.
- Don’t forget to check if your utility company offers rebates for clean energy projects. These are usually separate rebates that can help further lower costs!
Get Expert Help from Simons and Seal the Deal on 2024 Tax Credits!
If all these potential savings leave you feeling overwhelmed, don’t sweat it! Our team at Simons Heating & Cooling can help you navigate these HVAC tax credits like a pro. Whether you want to start small with energy assessment or you’re ready for new HVAC installation, we’ve got you covered. Call today at (518) 955-1051 to speak to a member of our staff and start the process!
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