Credits And Rebates
Tax Credit:
30% of cost up to $1,500
Expires:
December 31, 2010
Requirements:
Split Systems:
SEER greater than or equal to 16
EER greater than or equal to 13
Package Systems:
SEER greater than or equal to 14
EER greater than or equal to 12
Details:
2009/2010 HVAC Tax Credits
The American Recovery and Reinvestment Act of 2009 (the Stimulus Bill) increased tax credits available to homeowners who make qualified energy efficient improvements to their existing primary residences. Homeowners thinking about installing new HVAC or hot water equipment should consider the benefits qualifying equipment would provide at tax time. Not only can these credits lower your tax liability, they can also reduce your energy costs by up to 40% and provide for a cleaner environment.
Homeowners who install qualified furnaces, boilers, heat pumps, central air conditioners, and hot water heaters in 2009 or 2010 may qualify for a tax credit equal to 30% of the installed costs, up to $1500. Since manufacturers are always changing their product lines, check with your contractor about qualifying equipment.
Advancements in HVAC technology, energy efficiency, and performance in the last ten years means that the equipment you buy today can pay for itself in just a few years.
It is important to note that the installed costs for HVAC and hot water equipment include equipment and labor. The Stimulus Bill made two important changes to previous homeowners tax credit programs. The Stimulus Bill removed the $500 lifetime cap from similar tax credits that were available in 2006 and 2007. Homeowners that claimed tax credits in those years may still be eligible for the full $1500 tax credit made available in the stimulus bill.
The Stimulus Bill also made changes to the criteria for equipment that qualifies for the tax credits. It is important to work with your contractor or manufacturer to make sure the equipment you install qualifies.
In order to claim the tax credits, taxpayers complete and file a Form 5695 with their regular tax return. They wont need to submit any more information, but they will be required to keep copies of the certificates provided by the manufacturers or contractors on file.
As a tax credit, this incentive applies against the taxpayers liability, reducing the amount owed to the IRS on a dollar for dollar basis. If the taxpayers liability is reduced to zero with some tax credits remaining, the homeowner may carry the balance over to reduce next years taxes. Since everyones tax situation is different, always check with your tax advisor on how these tax credits can help you reduce your liability and energy costs.
*Above information is provided by Energy Star and ACCA- Air Conditioning Contractors of America.
Teco Rebate Information
Tampa Electric is offering a one-time rebate, up to $275, to residential customers who replace old, inefficient air conditioning systems with new, energy-efficient heat pumps.Units must meet Tecos energy-saving standards.
Call Tampa Electric at 1-888-223-0800 or visit them online at www.tampaelectric.com for more information and details on how to receive your one-time rebate.
Progress Energy Rebate Information
Progress Energy is offering up to a $350 incentive credited on your electric bill for replace your electric strip heat or older heat pump with a new high-efficiency heat pump.
Call Progress Energy at (800) 700-8744or visit them online at www.progress-energy.com for more information and details on how to receive your one-time rebate.
Lakeland Electric Rebate Information
Lakeland Electric is offering a one-time $50 HVAC Annual Maintenance Rebate to residential customers that have completed a preseason heating and cooling system tune-up by a licensed HVAC contractor.
Call Lakeland Electric at (863)834-9535 or visit them online at www.lakelandelectric.com for more information and details on how to receive your one-time rebate.