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

As far as energy-efficient HVAC installation in Atlanta, there’s great news for homeowners this tax season.

The Residential Energy Efficient Property Credit has been extended through 2020. This can entitle you to reductions for energy-efficient home improvements, like new heating and cooling equipment, water heaters and heat pumps.

How Do I Know if My Equipment Qualifies?

To qualify for the reduction, the residence must be the taxpayer’s chief home in the USA. The improvement needs to have a life of at least five years, with the original use originating with you.

What Kinds of Changes are Regarded as High-Efficiency Updates?

Typically, this tax reduction is equivalent to 10% of the price of the subsequent energy-saving changes that match specific 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
  • Particular metal and asphalt roofing
  • Certain exterior storm windows, skylights and storm doors
  • Solar/geothermal energy solutions, for instance solar electricity, solar water heaters and geothermal heat pumps

 

Is There a Limit to How Much I Can Claim?

Yes, there’s a lifetime max credit of $500 per location. This means if you have claimed this credit in past years, you must lower any credit you claimed earlier.

If you have claimed the maximum amount, you won’t be eligible for any additional reductions through this extension.

Credit Limits for Certain Equipment

Incentives are limited for a few qualified items:


  • 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.

Upgrade Your Heating and Cooling System Today

Been putting off upgrading your heating and cooling system? Call the Experts at 678-235-9699 or contact us online. We can help you find an energy-efficient system you can get tax benefits during the upcoming year.

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