Enjoy the Benefits of Rebates and Tax Incentives
For homeowners, rebates and tax credits for eligible equipment purchases are great ways to help reduce the overall expense of installing a heating and cooling system in their home. While purchasing a new, high-efficiency system can seem like a big investment, many homeowners are able to offset some of those costs by earning savings not only from lower energy bills, but also from rebates and incentives from their local electric and natural gas providers. Local utility rebates and federal tax credits may be available for certain products, and these programs help support the investment in a new heating and cooling system. As a result, homeowners can save money, while making a good choice for the environment.
For instance, many Carrier® products are eligible for savings from local utilities and/or tax credits for a homeowner’s primary residence. Homeowners shopping for Carrier equipment can conveniently determine whether or not their equipment options are eligible by visiting: https://www.carrier.com/residential/en/us/homeowner-resources/rebates/ecorebates/.
Select heating and cooling equipment from other manufacturers is also eligible for savings from local utilities. Many utility companies also provide a listing of equipment specifications, efficiencies and capacities that are available for their customers. Simply visit your local utility company’s website to learn more. And remember, if you receive electric and natural gas from different companies, be sure to check rebates offered by both.
Lastly, there can be tax incentives for upgrading to high-efficiency HVAC equipment. Homeowners can visit the ENERGY STAR website here, to learn more about tax incentives that exist for new equipment purchases. For example, during tax year 2020, upgrading your HVAC system with qualified equipment in your existing home and your primary residence can allow for up to a $500 tax credit – $350 for the qualifying air conditioner and $150 for a qualifying furnace.
For HVAC dealers and contractors, rebates and incentives can also provide a unique sales proposition. Sharing potential rebates and costs savings could be an effective way to educate a homeowner about the benefits of upgrading to high-efficiency equipment. Dealers can arm themselves with “good, better, best” scenarios to present at the kitchen table to outline which types of rebates and incentives each tier of equipment qualifies for to help offset the higher price of higher efficiency units.
As we approach the end of the calendar year, it’s a great time to make sure you know what incentives your equipment qualifies for, as well as how an upgrade may help earn new rebates and tax incentives.
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