Attention homeowners! We have thrilling news for you. The highly sought-after $300 federal tax credit for specific HVAC systems has made an incredible return, and it's here to stay until December 31st, 2032. This is all thanks to the Inflation Reduction Act, which is designed to combat inflation and allocate resources to boost energy efficiency and develop nationwide infrastructure.
And guess what? If you happened to purchase an HVAC system from Air Sanctuary in 2022 without the tax credit, there's no need to fret. You can still apply for it retroactively until the end of this year. Here's everything you need to know about this amazing opportunity to save money on your Air Sanctuary HVAC system.
Maximize Your Savings: Combine Tax Credits with Utility Rebates
As home renovations and upgrades can put a significant dent in your finances, every potential saving counts. By saving $300 on your HVAC system and potentially more on other appliances, you could slash your renovation costs by hundreds or even thousands of dollars!
Unlock Your Federal Tax Credit
This tax credit lets you deduct up to $300 from the total amount you owe during tax season, providing a much-needed respite during this typically hectic time.
Eligibility Requirements
To qualify for the tax credit, your HVAC system must be installed in your primary residence. Please note that rental properties, secondary residences, and new constructions are not eligible.
Qualifying HVAC Systems
Eligibility criteria differ based on the system type. For heat pumps, split systems require an HSPF of 8.5 or higher, an EER of 12.5 or higher, and a SEER of 15 or higher. Package systems need an HSPF of 8 or more, an EER of 12 or more, and a SEER of 14 or more. Visit Energy Star's website for information on other systems. All systems must adhere to CEE Tier II standards.
Excitingly, most of the MRCOOL DIY ductless mini-split systems at Air Sanctuary meet these requirements and are eligible for the rebate! To verify your unit's eligibility, contact us to identify all tax credits and rebates currently available in your region. Rebate information is supplied by EcoRebates, a third-party service provider. Make sure to review the terms and conditions set by the company or organization offering the rebate, ensuring your unit and installation comply with their guidelines. Non-compliance may result in disqualification from eligibility.
Other Eligible Systems
Besides heat pumps, this tax credit encompasses central air conditioning, gas, propane, or oil hot water boilers, gas, propane, or oil furnaces and fans, non-solar water heaters, and advanced main air circulating fans.
Applying for the Tax Credit
To claim your tax credit, submit form 5695 along with your tax information to the IRS during tax season. If you need assistance completing this form or have questions about submitting it or your tax information, please contact the IRS.
Stay Up-to-Date
As this is a developing situation, some details may change in the future. To stay informed, regularly visit energystar.gov.
It's Time to Transform Your Home
With these captivating developments, there's never been a better time to plan your next DIY project! Choose an eligible DIY ductless mini-split heat pump system from Air Sanctuary and take advantage of these incredible savings today.