palmairac
palmairac
palmairac
palmairac
palmairac
palmairac

Palm Air


Tax Day: Income Tax Credits For Energy Efficient Air Conditioners
Palm Air AC|06 April 2016
Tax day is almost here. Fun fact about federal income tax credit: energy efficient air conditioners in homes and businesses can allow homeowners to claim tax credits and get money back on their income tax returns. Keep reading to learn what you need to know about energy efficient tax credits and how to claim yours.
What You Need to Know About Energy Efficiency Tax Credits
- Tax credits are available for air conditioner purchases made in 2016 and also retroactive purchases from 2015.
- A tax credit of 10 percent of the AC’s cost up to $500 or a specific amount from $50-$300 can be claimed for central air conditioning systems, air source heat pumps, insulation, water heaters and more. The AC unit must be located at an existing home that is a primary residence. New construction and rentals do not apply for this credit.
- A tax credit of 30 percent of the cost with no upper limit can be claimed for the use of geothermal heat pumps and solar energy systems. Existing homes, new construction, secondary residences and rentals can all apply for this credit.
- A tax credit for fuel cells can also account for 30 percent of the cost with no upper limit on tax returns. This credit must be used for a primary residence. Rentals and second homes do not qualify.
How to Claim Income Tax Credits for Energy Efficient Systems
The federal income tax return form 5695 is needed to claim an energy tax credit. You can get Form 5695 at IRS.gov or order it by calling 1-800-TAX-FORM (800-829-3676). Once obtained, enter the product model number and indoor coil model number of the qualifying energy-efficient equipment into the proper place. Please contact us if you need any assistance finding these numbers.
Palm Air: Energy Efficient Air Conditioners, HVAC Systems and More
Not only do energy efficient appliances, like ENERGY STAR use up to 30 percent less energy but they also save money in your wallet and keep our environment healthier. Our friendly team of HVAC professionals can help guide you through the income tax process when it comes to energy efficient air conditioners. Contact us today to get started.
Palm Air
