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Save on Home Upgrades with Federal HVAC System Tax Credits

Great news for homeowners! The Federal Inflation Reduction Act of 2022 presents tax credits for energy-efficient HVAC upgrades, allowing you to save money while improving your home’s efficiency. Eligible equipment includes:

1. Air-source heat pumps
2. Central air conditioners
3. Furnaces

Here’s a breakdown of available tax credits for HVAC upgrades in Georgetown. This guide helps you navigate qualifying equipment upgrades and claiming credits on your taxes. Take advantage of these incentives to craft a comfortable, eco-friendly home.

Air-Source Heat Pump: Claim a 30% Tax Credit

Install an air-source heat pump meeting these criteria between Jan 1, 2023, and Dec 31, 2032:

  • Split systems need a 15.2 or higher SEER2 rating
  • 11.7 or higher EER2 Rating
  • 7.8 or higher HSPF2 Rating

You can claim 30% of installation expenses, capped at $2,000.

Central Air Conditioner: Enhanced Tax Credits Available

For units purchased and installed after 2022:

  • Split systems need a 16 or higher SEER2 rating
  • 12 or higher EER2 Rating

Claim 30% of the project cost, up to $600.

Furnace: Tax Credits by Fuel Type

Gas furnaces require Energy Star certification and a 97%+ AFUE rating.

Oil furnaces need Energy Star certification and an approved fuel type.

Claim 30% of the project cost, capped at $600 for qualifying furnaces/equipment installed from 2023 to 2032.

How to Claim Your HVAC Tax Credit:

Maintain installation records and manufacturer certifications.

Complete IRS Form 5695 for eligible upgrades.

Utilize one form for multiple upgrades, mindful of the $3,200 annual limit.

Submit completed forms with your federal taxes or consult a tax professional for optimal refunds.”

As a registered contractor for Austin Energy, McCullough Heating and Air Conditioning is proud to offer a FREE Austin Energy-sponsored energy audit. Our goal is to show you the potential of your home and guide you toward making it more energy-efficient, comfortable, and safe.

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