To purchase new HVAC components requires pre-planning. It’s not wildly unaffordable, but it certainly costs more than, say, a new dishwasher.
Because residential air conditioning and heating systems tend to have a useful life of up to about 15 years, it can be easier to predict when you might need to buy equipment and schedule an installation.
And if you’re planning ahead, you’ll have plenty of time to look into the most energy-efficient HVAC systems available – and to learn how you may be able to make some tax credits work in your favor.
Tax credits reduce the amount of income tax you owe to the government and are usually designed to reward behaviors that benefit the economy, environment, or other important purpose.
Tax credits cover expenses you’ve paid during the tax year, such as purchasing and installing an energy-efficient HVAC system. Tax credits can exist at both or either the federal or state level.
Unfortunately, tax credits aren’t available every year, so if you’re relying on one to help cover the cost of your new St. Louis heating and air equipment, you’ll need to start researching while your furnace or air conditioner is still functional.
To look for a Federal tax credit for energy-efficient residential air conditioning or heating, you should first check the EnergyStar.gov website, which has an entire tab dedicated to federal tax credits.
Tip: Through January 1, 2024, you could receive a federal tax credit for the purchase of geothermal heat pumps. Our St. Louis heating and air specialists can help determine whether a heat pump is right for your home.
For Missouri residents, you can find information on the latest state tax credits on the Missouri Department of Revenue website.
Remember that just because there’s not a tax credit available to you when you first look for one, it doesn’t mean that there won’t be in the future. This is why it’s important to be proactive about shopping around for your next residential air conditioner, so you can purchase at the perfect time to maximize your savings.
To claim a federal tax credit for energy efficient HVAC systems, you’ll need to file an IRS Form 5695. You submit this form with the rest of your annual income tax returns.
If you have questions about getting a tax credit, talk to a trusted tax preparer or certified public accountant for more details.
If a tax credit isn’t available to you, you can still positively affect your monthly budget by taking steps to lower your monthly utility bills.
And even without a tax credit, buying and installing a new, energy-efficient air conditioner can save you some serious money over time. In fact, you can expect to see a return on your investment in just a few years. Installing an energy-efficient air conditioner can save you up to 50 percent on energy bills, according to EnergyStar.gov.
Follow these tips for decreasing your energy bills:
When you need an energy efficient, reliable air conditioner or heater for your home, Meyer Air recommends Fujitsu General brand.
Fijitsu General mini-splits have earned the “Most Efficient” rating by Energy Star for being 2.35 times more efficient than the government minimum standard. Their Halcyon™ systems can cut utility bills by up to 24 percent, potentially saving you thousands of dollars per year.
In St. Louis, Meyer Heating and Air is your top contact for purchasing and installing a Fujitsu General air conditioning system. As authorized dealers, we’ve proven we are experts in these products, both for installing them and for air conditioning service and maintenance.
The trusted combination of Meyer and Fujitsu General means you could save big money on your annual utility bills and stay comfortable in your home all year long.
Contact us to learn more about upgrading to an energy-efficient residential air conditioning system.
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