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Maximize Savings on Home Improvements with Federal HVAC System Tax Credits
Great news for homeowners! The Federal Inflation Reduction Act of 2022 provides significant tax credits for upgrading to energy-efficient HVAC systems, helping you save on costs while improving your home's efficiency. Eligible equipment includes:
- Air-source heat pumps
- Central air conditioners
- Furnaces
This guide outlines the HVAC tax credits available for Austin and Georgetown homeowners, detailing which systems, such as efficient air conditioning and heating upgrades, qualify. Learn how to claim the federal HVAC system tax credit and take full advantage of these incentives to enhance both your home's comfort and energy efficiency.
Air-Source Heat Pump: Claim a 30% Tax Credit
To qualify for the HVAC system tax credit, install an air-source heat pump anytime between January 1, 2023, and December 31, 2032. The system must meet these requirements:- Split systems: SEER2 rating of 15.2 or higher
- EER2 rating of 11.7 or higher
- HSPF2 rating of 7.8 or higher
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Central Air Conditioner: Enhanced Tax Credits Available
For units installed after 2022, here are the requirements to qualify:- Split systems: SEER2 rating of 16 or higher
- EER2 rating: 12 or higher
Furnace Tax Credits by Fuel Type:
- Gas furnaces: Must have a 97%+ AFUE rating and Energy Star certification.
- Oil furnaces: Need Energy Star certification and an approved fuel type.
You can claim 30% of the cost, with a $600 cap for eligible furnaces and equipment installed between 2023 and 2032.
How to Claim Your HVAC Tax Credit:
- Keep documentation for installation and manufacturer certifications.
- Complete IRS Form 5695 for qualifying upgrades.
- Use one form for multiple upgrades, respecting the $3,200 annual limit.
- Submit with your federal tax return or consult a tax expert.
As a registered contractor with Austin Energy, McCullough Heating & Air Conditioning offers a complimentary energy audit to make your home more efficient, comfortable, and secure.
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