For many households, there typically seems to be a large list of home improvement to-do’s that they would like to do or new ideas they’d like to attempt. While a handful may not be necessities, furnace replacement is an example of a task that might be vital to keeping your home comfortable throughout the winter months in Franklin Lakes.
Getting a new furnace is a large investment. You’ll certainly feel the return-on-investment on your indoor comfort along with your utility costs, but it may be a tad daunting at first. The good news is that when you shop for a new energy-efficient furnace, you may be approved for a federal tax credit.
According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were pushed through December 31, 2020. In order to get the tax credit, you are required to buy a furnace that has earned the ENERGY STAR label. Keep in mind it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When shopping for furnace replacements, keep an eye out for products with the ENERGY STAR rating so you can be confident you’re selecting a high-efficiency furnace.
At Total Comfort, we’ll help you select a product that meets your needs and helps you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you will want to clarify that the furnace you choose has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE represents the percent of heat produced for every dollar of fuel consumed.
Qualifying for the tax credit won’t be the only savings you’ll receive when you get a new high-efficiency furnace. Some of the most efficient products can save you hundreds of dollars on your energy bills all year long. And your household will also have greater confidence in your HVAC system to help your home stay at just the right temperature.
If you think of questions concerning your eligibility for a tax credit, or if there are additional local savings you may be eligible for by purchasing a new high-efficiency furnace, give our professionals at Total Comfort a call at 201-268-5663. You may also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.