How to Claim the Residential Energy Efficiency Property Credit in Rochester in 2020

In regard to energy-efficient HVAC installation in Rochester, there’s great news for homeowners this tax season.

The Residential Energy Efficient Property Credit has been lengthened through 2020. This might qualify you for incentives for energy-efficient home modifications, like modern heating and cooling units, water heaters and heat pumps.

What Are the Eligibility Requirements?

To qualify for the credit, the house must be the taxpayer’s main residence in the United States. The improvement should last for five years or more, with the original use starting with you.

What Kinds of Enhancements are Qualify for High-Efficiency Renovations?

Usually, this tax reduction is equivalent to 10% of the price of the ensuing energy-saving enhancements that match specified ENERGY STAR® guidelines:

 

  • Advanced main air-circulating fans
  • Energy-efficient gas, propane or oil furnaces
  • Energy-efficient gas, propane or oil hot water boilers
  • Energy-efficient heat pumps
  • Energy-efficient water heaters
  • Energy-efficient central air conditioners
  • Insulation
  • Particular metal and asphalt roofing
  • Qualified exterior storm windows, skylights and storm doors
  • Solar/geothermal energy equipment, like solar electricity, solar water heaters and geothermal heat pumps

 

Is There a Limit to How Much I Can Claim?

Yes, there’s a lifetime limit of $500 per property. This means if you have used this incentive in previous years, you must lower any credit you already claimed.

If you’ve previously claimed the max amount, you won’t be eligible for any extra credits under this extension.

Credit Caps for Specific Units

Incentives are restricted for a few participating solutions:


  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient units—$300

If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.

Improve Your Heating and Cooling Units Today

Been putting off upgrading your heating and cooling equipment? Reach the Experts at 603-923-4570 or contact us online. We can help you select an energy-efficient system you can reap tax benefits from the following year.

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