How to Claim the Residential Energy Efficiency Property Credit in West Palm Beach in 2020

In regard to energy-efficient HVAC installation in West Palm Beach, there’s great news for your family this tax season.

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

What Are the Eligibility Requirements?

To become eligible for the incentive, the residence is required to be the taxpayer’s primary residence in the USA. The enhancement must last for five years or more, with the first use starting with the taxpayer.

What Types of Changes are Qualify for High-Efficiency Updates?

Usually, this tax reduction corresponds with 10% of the expense of the ensuing energy-saving enhancements that meet certain ENERGY STAR® requirements:

 

  • 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
  • Qualified metal and asphalt roofing
  • Particular exterior storm windows, skylights and storm doors
  • Solar/geothermal energy equipment, such as solar electricity, solar water heaters and geothermal heat pumps

 

How Much Can I Claim?

Yes, there’s a lifetime max credit of $500 per home. This means if you have taken this credit in prior years, you are required to lower any credit you previously claimed.

If you have claimed the top amount, you won’t be eligible for any extra incentives with this continuation.

Credit Caps for Particular Equipment

Tax reductions are limited for a couple of eligible items:


  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient systems—$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 Equipment Today

Been delaying getting new heating and cooling system? Reach the Experts at 561-629-1826 or contact us online. We can help you choose an energy-efficient system you can earn tax benefits during the upcoming year.

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