Can I Get Tax Credits for My New Furnace?

For many households, there typically seems to be a large list of home improvement projects that they need to get done or new ideas they’d like to try. While several may not be necessary, furnace replacement is one task that might be vital to keeping your home comfortable through the winter months in Winnipeg.

Purchasing a new furnace is a great investment. You’ll certainly notice the return-on-investment on your indoor comfort as well as your utility costs, but it might be a bit intimidating at first. The good news is that when you pick a new energy-efficient furnace, you might be eligible 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 get the tax credit, you must select 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 browsing for furnace replacements, look for heat pumps with the ENERGY STAR rating so you can be sure you’re selecting a high-efficiency furnace.

At Kirkfield Heating & Air Conditioning, the experts will help you identify a product that matches your needs and ensures you qualify for this tax credit. While ENERGY STAR products designate 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 means the percent of heat produced for every dollar of fuel consumed.

This tax credit will not be the only savings you’ll receive when you select a new high-efficiency furnace. A lot of the most efficient models can save you hundreds of dollars on your energy bills throughout the year. And your family will also have more confidence in your HVAC system to keep your house at just the right comfort level.

If you think of questions concerning your eligibility for a tax credit, or if there are further local savings you could be eligible for by buying a new high-efficiency furnace, give our professionals at Kirkfield Heating & Air Conditioning a call at 204-272-8128. You can also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.