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Here’s a Tip From Your Honest AC Repair Jacksonville Team: Update Your HVAC Now & Reduce Your 2018 Tax Burden
Finding an honest AC repair Jacksonville team to keep your systems running at peak performance throughout the year is the first step in building a long-term relationship. And, while conversations typically revolve around strange noises and cleaning the coil a few times a year, sometimes it is helpful to touch base just to find out if there is anything new coming down the pipe, like recent notices about potential problems or changes in industry standards.
We are quickly approaching the last quarter of the year and some homeowners still don’t know about a couple of energy-related tax credits that Congress renewed. While the tax deadline is still months in the future, this is the perfect time to consider updating your HVAC system so you are eligible for 2018 tax savings.
Here are the details.
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Every honest AC repair Jacksonville service company, and a few of the not-so-honest companies who want to boost sales, will tell you about the first tax incentive. Congress reinstated the Residential Renewable Energy Tax Credit which allows homeowners to deduct up to 30% of the cost of some Energy Star approved appliances, including geothermal heat pumps, which can be used to heat or cool your home, and heat water for bathing, laundry and other activities. The credit applies to systems installed and in use by the end of 2019. After that, the maximum credit gradually declines until December 31, 2021, when the incentive package expires.
Saving 30% on a high-performance, energy-efficient HVAC system that starts saving you money on electric bills the first time you turn it on, is a great incentive to start comparing brands and warranties before this year ends.
What some dealers may leave out during the discussion is the retroactive portion of the 2018 Budget that Congress retroactively instated. This tax credit cannot be refunded, but homeowners can claim the credit in the future if they don’t meet requirements for the 2018 tax year. This credit has a lower maximum, 10% of the product purchase or $500 on most appliances and systems. A few appliances have credits capped between $50 and $300. All eligible appliances and systems must meet Energy Star standards.
It is always the perfect time to check out ways to reduce you tax burden, unless you don’t mind giving Uncle Sam more of your hard earned money than you have to. This year, Congress stepped in and delivered two great incentives for homeowners who depend on air conditioning to keep their homes comfortable.
If you purchased a complete HVAC system or any energy-efficient home appliance within the past ten years, check with your accountant to find out if you are eligible to claim a residential energy tax credit to reduce your 2018 burden. If your air conditioner or HVAC system is starting to give you more frequent problems. and you know the time for a new one is coming soon, schedule an inspection with an honest AC repair Jacksonville technician to discuss Energy Star certified solutions.