How to Claim the Residential Energy Efficiency Property Credit in Ocala in 2020

In regard to energy-efficient HVAC installation in Ocala, there’s fantastic news for your family at tax time.

The Residential Energy Efficient Property Credit has been lengthened through 2020. This may qualify you for reductions for energy-efficient home enhancements, like updated heating and cooling systems, water heaters and heat pumps.

What Makes My Purchase Eligible?

To qualify for the reduction, the home must be the taxpayer’s main home in the U.S. The improvement must work for at least five years, with the original use originating with the homeowner.

What Types of Improvements are Qualify for High-Efficiency Renovations?

Typically, this tax incentive equals 10% of the price of the ensuing energy-saving enhancements that achieve specific ENERGY STAR® conditions:

  • Advanced main air-circulating fans
  • Energy-efficient gas, propane or oil furnaces
  • Energy-efficient gas, propane or oil hot water boilers
  • Energy-efficient heat pumps
  • Energy-efficient water heaters
  • Energy-efficient central air conditioners
  • Insulation
  • Qualified metal and asphalt roofing
  • Certain exterior storm windows, skylights and storm doors
  • Solar/geothermal energy equipment, like solar electricity, solar water heaters and geothermal heat pumps

Is There a Limit to How Much I Can Claim?

Yes, there’s a lifetime limitation of $500 per home. This means if you have used this incentive in previous years, you must lower any credit you already claimed.

If you’ve already claimed the top amount, you aren’t eligible for any additional incentives with this continuation.

Credit Limits for Particular Units

Tax reductions are limited for a few participating solutions:

  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient equipment—$300

If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.

Improve Your Heating and Cooling Units Today

Been delaying installing new heating and cooling system? Reach the Experts at 352-414-4006 or contact us online. We can help you find an energy-efficient system you can earn tax benefits from the following year.

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