For many households, there usually seems to be a lengthy list of home improvement tasks that they need to do or new ideas they’d like to give a shot. While a handful may not be necessities, furnace replacement is one task that may be key to keeping your home comfortable throughout the cooler months in Rapid City.
Getting a new furnace is a sizeable investment. You’ll definitely notice the return-on-investment on your indoor comfort as well as your utility costs, but it may be a tad intimidating at first. The good news is that when you shop for a new energy-efficient furnace, you might be qualified for a federal tax credit.
According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were prolonged through December 31, 2020. In order to obtain the tax credit, you are required to buy a furnace that has earned the ENERGY STAR label. Keep in mind it can’t be a furnace that is labeled ENERGY STAR for “U.S. South Only.” When shopping for furnace replacements, watch for products with the ENERGY STAR rating so you can be confident you’re picking a high-efficiency furnace.
At Street Heating and Cooling, we’ll help you select a product that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate high efficiency, you’ll need to check the furnace you select has an Annual Fuel Utilization Efficiency (AFUE) greater than 95, in order to qualify for the tax credit. AFUE represents the percent of heat produced for every dollar of fuel consumed.
This tax credit will not be the only savings you’ll find when you select a new high-efficiency furnace. A lot of the most efficient furnaces can save you hundreds of dollars on your energy bills during the year. And your family will also have more confidence in your HVAC system to maintain your indoor space at just the right temperature.
If you have questions regarding your eligibility for a tax credit, or if there are additional local savings you may be eligible for by purchasing a new high-efficiency furnace, give our teams at Street Heating and Cooling a call at 605-206-3915. You can also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.