Spring weather is coming, and your family can finally open the windows again to take a breath of fresh air. And this year, you can breathe even easier knowing that non-business energy property tax credits have been extended through 2021. If you’ve installed qualifying energy-efficient equipment in your primary New Jersey residence, you may be eligible for a credit of up to $500! The experts at A.J. Perri Plumbing, Heating and Cooling are here to help you identify and install more efficient HVAC equipment in your home.
What are energy-related tax credits?
The federal energy property tax credit program is managed through ENERGY STAR and offers credits for equipment that qualifies as energy efficient. Like most of the products from our partners at Carrier, these home appliances could be eligible for a credit of 10% of the cost (up to $500) or a specific amount ranging from $50 to $300. Note that the equipment must be located in your primary residence (new construction and rentals do not apply), and some tax credits for home improvements do not include installation costs.
Which appliances can qualify?
A vast range of home equipment could qualify for an energy efficiency tax credit, primarily dealing with heating and cooling functions. These eligible pieces of equipment include furnaces and fans (gas, propane, or oil), water heaters and boilers, central air conditioning, air-source heat pumps, and more. All of these pieces are installed and serviced by A.J. Perri, so be sure to ask about your potential for savings during your next visit. Plus, there are even more tax credits available for home improvements made in the name of energy efficiency, including updated insulation, roofing, doors, and windows.
What are the benefits of efficiency?
In addition to the tax credits that you may receive from installing energy-efficient equipment in your home, your family can benefit in other ways too. Efficient appliances usually last longer, reducing wear and tear as well as maintenance or replacement costs. You’ll also see lower operating costs and utility bills since this equipment can keep your home comfortable more efficiently. Energy efficiency also significantly impacts our environment, reducing pollution and greenhouse gases for future generations.
Are there any programs specific to New Jersey?
The federal tax credits from ENERGY STAR can benefit homeowners across the country, but local residents have additional options for saving through New Jersey’s Clean Energy Program. This statewide program offers financial incentives and rebates to primary residences, plus business owners and local governments, that install and operate high-efficiency equipment. These appliances range beyond just HVAC to include refrigerators, clothes washers, showerheads, and more.