For many homeowners, there usually seems to be a lengthy list of home improvement tasks that they would like to do or new ideas they’d like to attempt. While a handful may not be required, furnace replacement is a task that may be key to keeping your home comfortable throughout the cooler months in Wausau.
Getting a new furnace is a big investment. You’ll certainly recognize the return-on-investment on your indoor comfort as well as your utility costs, but it might be a little intimidating at first. The good news is that when you buy a new energy-efficient furnace, you could be eligible 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 have to purchase 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 browsing for furnace replacements, watch for solutions with the ENERGY STAR rating so you can be confident you’re picking a high-efficiency furnace.
At Gilray Heating and Cooling, our team can help you select a product that meets your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, it’s important to check the furnace you pick 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 is not going to be the only savings you’ll observe when you purchase a new high-efficiency furnace. A lot of the most efficient furnaces can save you hundreds of dollars on your energy bills all year long. And your family will also have more confidence in your HVAC system to keep your house at just the right temp.
If you think of questions regarding your eligibility for a tax credit, or if there are other local savings you could be eligible for by installing a new high-efficiency furnace, give our experts at Gilray Heating and Cooling a call at 715-301-0727. You could also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.