Here at cfm we are excited to announce that the Federal Energy Tax Credits are back in 2016! If you happened to miss this tax credit in 2014, then 2016 is the year for you to save up to $500 having high efficiency equipment installed in your home. Did you upgrade your equipment in 2015? Don’t worry; this tax credit could still apply to your installation costs as well.
The Federal Energy Tax Credit is retroactive to January 1st, 2015 and valid through December 31st, 2016 on qualifying purchases. As had been the case in 2014, homeowners are eligible to claim up to 10% of the cost of installing high efficiency equipment with the total dollar amount capped depending on the product installed. For example, the maximum amount a homeowner could claim for a qualified air conditioner, heat pump or hot water heater is $300, with a cap of $150 for qualified furnaces and hot water boilers and a $50 limit for an advanced main circulating fan.
- Advanced Main Air Circulating Fan: Maximum credit of $50
- All York Condensing Furnaces: Maximum credit of $150
- Central A/C (Split-System): 16 SEER & 13 EER or higher
- Central A/C (Package System): 14 SEER & 12 EER or higher
- Heat Pump (Split-System): 15 SEER/ 12.5 EER/ 8.5 HSPF or higher
- Heat Pump (Package System): 14 SEER/ 12 EER/ 8.0 HSPF or higher
- Boilers (Natural Gas/ Oil/Propane): 95% AFUE
- Furnaces (Natural Gas/ Oil/ Propane): 95% AFUE
- Advanced Main Circulating Fan: If the fan uses less than 2% of the furnaces (Natural Gas/ Oil/ Propane) total energy
There is a lifetime limit of $500 for this credit, so homeowners whom have previously claimed this credit (up to $500) since 2005, would be ineligible to claim it on their 2016 tax returns. Qualifying homeowners will also need an AHRI certificate which provides proof their matchup has met the efficiency requirements given above.
Homeowners can obtain these certificates from AHRI’s Directory of Certified Product Performance by going to www.ahridirectory.org or, for additional assistance obtaining these certificates, stop by your local cfm store or call cfm Distributors toll-free at 1-800-322-9675.