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Installing energy-efficient equipment at your home is a great way to save money and help the environment. Plus, you could save significantly on installation costs thanks to ENERGY STAR® tax credits. These federal tax credits are not income-dependent and allow you to save up to $3,200 annually on various energy-efficient appliances and home improvements. In many instances, these savings offer you even more than those you might qualify for under the Inflation Reduction Act’s tax rebates.
What Is ENERGY STAR?
The ENERGY STAR program was introduced in 1992 to identify the efficiency of computers and monitors, but has grown to measure the efficiencies of a wide range of products. Today, the program helps homeowners save money on multiple household products while also protecting the environment and lowering utility bills. The program’s familiar blue square label makes it easy for people to find and purchase energy-efficient appliances and equipment that help reduce greenhouse gas emissions and other pollutants.
When you invest in energy-efficient products, you could save thousands of dollars in utility costs over the equipment’s lifetime.
What Rebates Do You Qualify For?
ENERGY STAR’s federal income tax credits are available for equipment installed now through the end of 2032. Utilizing these credits could lower the cost of energy-efficient home upgrades by up to 30%. Provided you install ENERGY STAR-rated equipment at your primary residence, you can apply these credits to nearly all the HVAC installation and electrical panel upgrade work that Acosta Heating, Cooling & Electrical performs.
Examples of potential savings include:
- Central air conditioner tax credit of 30% of project cost up to $600
- Air source heat pump tax credit of 30% of project cost up to $2,000
- Natural gas and oil furnace tax credit of 30% of project cost up to $600
- Electric panel upgrade tax credit of 30% of project cost up to $600
In addition to limits on the total credit you can claim for a particular equipment installation or home improvement, there are annual aggregate limits:
- As mentioned above, the overall total limit for an efficiency tax credit in a single year is $3,200.
- The total limit for any combination of home envelope improvements like windows, doors, insulation, electrical, and skylights is $1,200. This limit also includes furnaces, boilers, and central air conditioners.
- A combination of heat pump, heat pump water heater, and biomass stoves and boilers is subject to an annual total limit of $2,000.
One exception to these limitations is ENERGY STAR-certified geothermal heat pumps, which qualify for a separate tax credit.
Invest in Greater Energy Efficiency
Energy tax credits are valuable incentives the government offers to encourage consumers to invest in energy-efficient equipment. Whether you need a new furnace, air conditioner, or heat pump, these latest tax breaks can help you save substantial money while going green. And studies show that eco-friendly improvements can increase your home’s value and make it more attractive to potential buyers if you decide to sell.
Choose Acosta for Your HVAC & Electrical Services
Backed by more than 50 years of service, Acosta Heating, Cooling & Electrical provides our customers throughout the greater Charlotte area with superior HVAC and electrical services. Our team works hard to ensure your comfort and safety, and we’ll keep you informed of available cost-saving credits and rebates.
Ready to upgrade your furnace, heat pump, AC, or electrical panel? Contact Acosta today at 704.665.5998 to get started.
