Tax Credits Available For New Furnace Buyers

Tax Credits Available For New Furnace Buyers
Not letting hot air get lost up the​ chimney has its rewards .​
Many homeowners who are replacing their furnaces are choosing high-efficiency models to​ help combat rising heating costs .​
High-efficiency furnaces,​ however,​ can be more expensive in​ the​ short term than their standard-efficiency counterparts .​
To make the​ purchase of​ this and other high-efficiency appliances easier on​ the​ average household,​ Congress passed the​ Energy Policy Act of​ 2018,​ which provides tax credits for the​ purchase of​ high-efficiency furnaces.
The new Energy Policy Act (EPACT) makes provisions for tax credits for qualified homeowners who install furnaces between Jan .​
1,​ 2018 and Dec .​
31,​ 2018 .​
If the​ furnace installed has an​ energy-efficiency rating of​ 95% AFUE (Annual Fuel Utilization Efficiency) or​ higher,​ the​ homeowner may qualify for a​ tax credit of​ $150 .​
And if​ the​ furnace uses a​ high-efficiency variable-speed blower motor,​ the​ purchaser may be eligible for an​ additional $50 tax credit!
According to​ Jim Miller,​ product manager for Goodman furnaces,​ 95% AFUE furnaces save homeowners money in​ the​ long run,​ even without the​ tax credit .​
Simply put,​ with a​ 95% AFUE furnace,​ for every dollar you​ spend on​ heating energy,​ 95 cents of​ that dollar is​ used to​ warm your home,​ explained Miller .​
Many furnaces older than 15 years operate at​ efficiencies of​ approximately 60% AFUE,​ meaning only 60 cents of​ the​ gas burned contributes to​ your home's heating .​
The remaining 40 cents is​ lost up the​ chimney-expensive and wasteful .​
Plus,​ 95% AFUE furnaces with a​ variable-speed blower are even more efficient,​ Miller added .​
The variable-speed blowers we use in​ our Goodman GMV95 95% AFUE Variable-Speed Furnace typically require up to​ 75 percent less electricity than a​ standard motor .​
Because a​ furnace's blower also works with the​ home's cooling system to​ circulate air,​ consumers experience increased efficiency year-round .​
Homeowners should work with a​ certified heating and air-conditioning contractor to​ choose the​ furnace that meets the​ needs of​ their home and should check with their tax professional regarding the​ requirements for the​ EPACT tax credits .​
Goodman is​ the​ second-largest unit manufacturer of​ residential heating and cooling equipment in​ the​ United States,​ and the​ first manufacturer to​ provide a​ complete line of​ 95% AFUE furnaces.
Tax Credits Available For New Furnace Buyers Tax Credits Available For New Furnace Buyers Reviewed by Henda Yesti on June 30, 2018 Rating: 5

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