If you’re looking to replace or repair your heating & cooling system in central Ohio, you may qualify for heating & cooling tax credits. At Custom Air, we will help ensure you get the right equipment and qualify for all the rebates and tax credits available..
Through the end of 2020, the heating & cooling tax credits have been extended. In short, if you purchase a high-efficiency air conditioner, thermostat, furnace, or heat pump, you could receive a tax credit. Now is the time to take advantage of replacing your HVAC system.
How Does the Heating & Cooling Tax Credit Work?
Residential HVAC tax credits allow you to gain a credit for up to $500 or 10% of the total cost of an HVAC system. This credit is good through December 31, 2020. You can also use this air conditioning tax credit on the equipment you installed retroactively to December 21, 2017.
You can use the tax credit for your principal residence. However, you won’t be able to use the HVAC tax credit for rental properties or new construction. All you need to claim this heating and cooling tax credit is a Manufacturer Certification Statement and as always we help you claim all the credit and rebates you’re eligible for.
Are there Commercial HVAC Tax Credits?
Yes. A separate HVAC tax credit is available for home builders and commercial buildings. This heating & cooling tax credit has also been extended through the end of 2020. This credit is often referred to as the Section 179 Tax credit, a type of tax deduction that allows small and medium businesses to deduct property or equipment expenses, up to $1 million.
In addition, used equipment qualifies for a deduction of 50% to 100%. Some restrictions will apply to businesses. Talk to us to find out if you qualify for an HVAC tax credit.
“We’ve helped many customers gain significant tax credits for upgrading or replacing their HVAC system. Let our team help you with these savings.”Jeff Reed, Custom Air
Which HVAC Equipment Qualifies for Section 179 Tax credits?
Whether you’ve already replaced your HVAC system or you’re thinking about an upgrade, now is the time. You will likely qualify for a tax credit on any of the equipment listed above as long as you get the job done before the end of 2020.
Can I calculate my Tax savings?
Yes, use the Section 179 calculator to calculate value of your purchase after a deduction. For example, a $75,000 HVAC equipment and installation purchase, assuming a tax bracket of 35 percent, a business could save up to $26,250 after their deduction. In other words, the true cost of their HVAC system replacements would be only $48,750.*
Our experienced team is ready to put our 43 years and our A+ BBB Rating to work for you. When you’re ready to take advantage of the HVAC tax credits, we’re here to help you.Call us anytime at (614) 552-4822 or use our contact form for a free estimate or to schedule service.
*Disclaimer: The tax credit information contained within this overview is provided for informational purposes only and is not intended to substitute for expert advice from a professional tax/financial planner or the Internal Revenue Service (IRS).