Good News!

We may have some “GOOD NEWS” for you.

It has been recently brought to our attention that on December 18, 2015, the “Consolidated Appropriations Act, 2016” (HR 2029) was signed into law.

Among its many provisions was a renewal of energy efficiency tax credits established in 26 U.S. Code 25C, offering up to $500 in return for qualifying residential energy property expenditures.

ENERGY STAR products eligible for tax credits are independently certified to save energy, save money, and protect the environment.

The tax credit renewal is effective through December 31, 2016, and it is retroactive through all of 2015. The credit is 10% of cost up to $500 or a specific amount from $50-$300.

Must be an existing home and your principal residence. New construction and rentals do not apply.

You can find more information by visiting http://energystar.gov/about/federal_tax_credits or by calling us at 402-362-5702.IMG_1762.JPG

Considering A New A/C Or HVAC System?, Do It Now Before Tax Energy Credits Stop At The End Of This Year

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Wolff Mechanical

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The energy tax credits that the U.S. Congress reinstated in January 2013 will expire at the end of the year. These credits help offset the cost of installing new, high-efficiency heating and cooling systems. You can deduct 10 percent off the cost for a maximum credit of $300 for air conditioning systems and heat pumps or $150 for forced-air or radiant heating systems.

If your current HVAC equipment isn’t running efficiently, requires frequent repairs, or is over 10 years old, this year could be a good one to take advantage of these federal tax credits. They cover primary residences only and are for existing homes, not new construction. Minimum standards for heating and cooling systems depend on the type you choose.

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Furnace and Air Conditioner Rebates

Here at J & R Heating we often have customer ask us what we offer for rebates.  Our response is always “it depends”.  Rebates differ in prices for many different reasons and some of them include brand, EnergyStar ratings, and furnace and air conditioner accessories (example: filtration system).  As you can see there are many different variables that may affect the rebates you receive.  For those that want to do their own homework before investing in a new heating and cooling equipment, I’ve compiled a list of websites that will simplify your research.

http://www.lennox.com/promotions/ – This is a (lennox) brand website displaying possible rebates and financing offers for that particular brand.

http://dsireusa.org/ – Allows you to click on your state and find out what incentives and policies support renewables and energy efficiency in your area.

http://www.energystar.gov/ – Once you get to this website click on tax credits, then click on Heating, Ventilating, Air Conditioning (HVAC).  This website will provide you with the approximate amount you will receive from your tax credits depending on what equipment you’re buying.

If these sites were not able to give you enough information don’t forget that your local HVAC dealer is an invaluable resource.

Tax Credits Return

IRS 1040 Tax Form Being Filled Out

Picture provided by http://www.seniorliving.org.

Many tax incentives were extended through the American Taxpayer Relief Act of 2012 – also known as the “fiscal cliff bill” – which Congress passed on January 1, 2013.  The most important change may be the retroactive reinstating of the 25C Residential Energy-Efficiency Tax Credit from January 1, 2012 to December 31, 2013.

If you had a high-efficiency heating and air conditioning system or water heater installed in 2012, or plan to purchase qualifying equipment in 2013, you may be eligible for a tax credit of up to $500.

There may never be a better time to install new or replacement equipment.  Consider contacting your local heating and cooling contractor to see if you qualify for the new credits or the retroactive credits.