DALLAS--(BUSINESS WIRE)--Homeowners who are sweating whether or not their air conditioner will make it through another cooling season can elect to replace that aging diva this year and receive a significant tax credit, possibly worth thousands of dollars. A new extension is in place for a federal program encouraging energy-efficient upgrades, but most parts of it expire on December 31, 2016.
According to Rob Haines, Marketing Manager at http://www.serviceexperts.com, “In December 2015, the government signed The Consolidated Appropriations Act of 2015, renewing tax credits for residential energy efficiency improvements that had expired at the end of 2014. Now, homeowners can again receive a tax credit of up to $500 on high-efficiency central air conditioners, heat pumps, and furnaces purchased through December 31, 2016.” (Homeowners who bought and installed this equipment in 2015 can use the credit when they file their 2015 taxes.) This equipment must be in use at the primary residence.
The bill also extends 30 percent tax credits on the cost of two types of advanced heating and cooling systems, with no limit on the price of the equipment or installation. Solar-powered home systems, including HVAC, will be eligible for the credit through the end of 2019, with the credit amount decreasing in 2020 and 2021 before ending in 2022. (The equipment must be used at the primary residence.) Another advanced energy option, geothermal heat pumps, remains eligible for the 30 percent credit until December 31, 2016. (Geothermal equipment is installed underground and uses the Earth’s natural temperature to help provide heating and air conditioning.) The geothermal equipment does not have to be installed at a primary residence.
“Air conditioners and furnaces keep getting more energy efficient, and the performance versus a system that is ten years old or older is impressive,” said Haines. “A new system may save you up to 50 percent on your monthly energy bill, depending on factors like your lifestyle, age of the equipment, etc.
“Of course, a new HVAC system is an investment, but you can combine manufacturer’s rebates with local, state and Federal tax credits to bring your total out-of-pocket cost as low as possible.”
Through June 10, 2016, Service Experts will match rebates on select equipment from two of the industry’s top manufacturers - Lennox and Armstrong. This equipment will be eligible for tax credits under one of the two existing programs. Full details are available at ServiceExperts.com.
“There is no guarantee that the tax credits will be extended at the end of this year, or that new programs will take their place,” said Haines. “If you think you could need a new HVAC system this year or even in the next few years, it’s worthwhile to look into your options now.”
Service Experts Heating & Air Conditioning, based in Plano, Texas, is one of North America's largest heating and air conditioning service companies, with over 90 locations serving more than 2,000 homes and businesses per day. Service Experts service centers provide heating repair, air conditioning repair, indoor air quality sales, HVAC system sales and installation, HVAC maintenance and HVAC repair service for both residential and commercial markets. Find Service Experts Heating & Air Conditioning at facebook.com/ServiceExpertsHeatingandAirConditioning or http://www.serviceexperts.com.