A Quick Look at the Federal Tax Credits for 2012-13 - Service Mark Solutions

A Quick Look at the Federal Tax Credits for 2012-13

The renewed “25C” tax credit for 2013 allows homeowners to get up to $500 in federal tax credits when installing qualified home improvements. Because the credits were made retroactive to January 1, 2012, they can be used for qualified heating, cooling or water heating systems that were installed anytime after December 31, 2011.

Qualified equipment includes:

Water Heaters (up to a $300 Tax Credit) – Electric Heat Pump Water Heaters with an energy factor of at least 2.0; Natural gas, propane or oil-fired water heaters with an energy factor of at least 0.82 or a thermal efficiency of at least 90 percent

Furnaces (up to a $150 Tax Credit) – Natural gas and propane furnaces with an AFUE (Annual Fuel Utilization Efficiency) rating of 95 or higher

Boilers (up to a $150 Tax Credit) – Natural gas and propane hot water boilers with an AFUE rating of 95 or higher

Air Conditioners and Heat Pumps (up to a $300 Tax Credit) – Split system air conditioning systems must carry a 16 SEER or a 13 EER rating. Packaged air conditioning systems must have a 14 SEER or a 12 EER rating. Split system heat pumps should have a 15 SEER or a 8.5 HSPF or a 12.5 EER rating to be included. Packaged electric heat pump systems must have a 8.0 HSPF or a 14 SEER or a 12 EER rating

Be sure to talk to your local experts at ServiceMark. We’re here to help you save on your energy usage as well as your taxes!

 

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