The thought of upgrading your home’s appliances can be daunting simply because of the cost of the equipment. The existing refrigerator, stove, furnace, hot water heater, and washer/dryer could even be working perfectly fine. Why then should you consider upgrading now?
Answer: Tax credits. Now is the perfect time to upgrade your home’s major appliances simply because of the quantity of tax credits available, not to mention the many rebates and discounts. Listed below are some of the discounts available for a 2011 purchase and installation:
2011 Federal Tax Credits
- 30 percent of geothermal systems purchase price and installation
- $300 for qualified air conditioning systems
- $300 for qualified heat pumps
- $150 for qualified furnaces
Manufacturer Percentage Savings
- Percentage off purchase price
- Free haul away of old equipment
- Varies by retailer
Many of these discounts will be dependent on the new equipment’s energy efficiency rating. With all of these ratings, the higher the score, the more efficient your equipment will be. Here are some quick definitions to use when shopping:
- SEER Rating: Seasonal energy efficiency rating. A good rating needs to be above 12.
- EER Rating: Energy efficiency ratio. A good rating needs to be above 12
- HSPF: Heating system performance factor. A good rating needs to be above 8.
How do you qualify for the Federal tax credit and utility company rebates?
- Local utility companies will often work directly with your contractor, installer or local retailer to give the rebate at the time of purchase.
- The 2011 tax credit will apply for equipment in place and operational by December 31, 2011. To qualify, save all your receipts and fill out the 2011 IRS Form 5695.
The experts at Ace Hardware Home Services can help you navigate the various requirements so you know your purchases qualify for the credits and rebates. Contact us any time. We’re glad to help.
Our goal is to help educate our customers about energy and home comfort issues (specific to HVAC systems). For more information, click here to download our free Home Comfort Resource guide.
Ace Hardware Home Services services the Ohio’s Miami Valley. To get started, check out our website or request an appointment.
