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.
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
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