Federal Tax Credits for Consumer Energy Efficiency Extended Through 2010
Homeowners Can Still Claim Up To $1,500 by Upgrading to Energy-Efficient Heating and Air Conditioning
FOR IMMEDIATE RELEASE
(WILMINGTON, DE / EXTON, PA; January 26, 2010) — Horizon Services, Inc. — the premier plumbing, heating and air conditioning services and equipment company in DE, PA and MD — reminds homeowners that Congress has extended tax credits for those who purchase energy-efficient products or make energy-efficient home improvements through to the end of 2010. Homeowners who have been been looking to upgrade their heating and cooling systems or make other energy-efficient home improvements can still get a tax credit of up to $1,500 if they make those improvements in the coming year.
When President Obama announced these tax credits in early 2009 as part of his economic stimulus plan, many Americans thought it was a one-year plan. Not so. Those who purchased energy-efficient products and placed them in service in 2009 can claim the tax credit on their 2009 taxes. Homeowners who didn’t take advantage of the tax credit last year have a second chance this year. Homeowners who purchase and place in service a qualified product any time in 2010 can claim the tax credit on their 2010 taxes.
According to the tax code, if you purchase an energy-efficient product or renewable energy system for your home in 2009 or 2010, you may be eligible for a federal tax credit of 30% of the cost, up to a total credit of $1,500. This tax credit applies to primary residences and existing homes only. The tax credits include purchases of certain HVAC equipment and water heaters (as well as energy-efficient windows, doors, roofing and insulation). The deadline for purchasing and placing in service is December 31, 2010.
According to Mark Aitken, vice-president and co-owner of Horizon Services, those who waited until 2010 may be in the best position to capitalize on those tax credits.
“Because of the uncertainty in the economy in 2009, a lot of homeowners who were thinking of buying a new energy-efficient heating or cooling system or making other home improvements were reluctant to purchase and stayed on the sidelines,” said Aitken. “2010 is a different story. We see the economy starting to pick up steam. We see smart consumers who wisely saved their money and are in a better position now to make purchases for their home. And we see heating and air conditioning manufacturers with a lot of unsold inventory who are willing to drop their prices and offer great sales incentives. When you combine that with the tax credits, we believe that there has never been a better time for the American consumer to upgrade their home’s heating and air conditioning systems.”
Heating and Cooling Products Eligible for Tax Credits in 2010
Homeowners need to know that not every heating and cooling product qualifies for the tax credit…even if it is a high-quality, energy-efficient product or carries the ENERGY STAR label. Only products that meet the following requirements are eligible for the tax credit:
Central Air Conditioning:
- Split Systems: EER >=13; SEER >= 16
- Package systems: EER >= 12; SEER >= 14
- Credit includes installation costs
Air-Source Heat Pumps:
- Split Systems: HSPF >= 8.5; EER >= 12.5; SEER >= 15
- Package systems: HSPF >= 8; EER >= 12; SEER >= 14
- Credit includes installation costs.
Furnaces and Boilers:
- Natural Gas or Propane Furnace: AFUE >= 95
- Oil Furnace: AFUE >= 90
- Gas, Propane, or Oil Hot Water Boiler: AFUE >= 90
- Credit includes installation costs
Advanced Main Air Circulating Fans:
- No more than 2% of furnace total energy use.
Gas, Oil, Propane Water Heaters:
- Energy Factor >= 0.82 or a thermal efficiency of at least 90%.
- Credit includes installation costs.
Electric Heat Pump Water Heater:
- Energy Factor >= 2.0
- Credit includes installation costs
Products Eligible for Tax Credits Through 2016
Horizon Services reminds consumers that not every energy-efficient tax credit will expire in 2010. The tax credit for the purchase and installation of geothermal heat pumps has been extended through to the end of 2016. Geothermal heat pumps must meet the following requirements:
- Closed Loop: EER >= 14.1; COP >= 3.3
- Open Loop: EER >= 16.2; COP >= 3.6
- Direct Expansion: EER >= 15; COP >= 3.5
Other Energy Efficiency Tax Credits For Which You May Be Eligible
In addition to these federal tax credits, your energy-efficient home improvement may qualify for tax credits and rebates from your state and local municipality.
- Visit the Database of State Incentives for Renewables and Efficiency
- Learn about State Rebates for ENERGY STAR appliances
For More Information About Federal Tax Credits:
About Horizon Services:
Horizon Services is the Delaware Valley’s leading plumbing, heating, air conditioning, drain cleaning and sewer & water line replacement services company, providing repair, maintenance, sales and installation to homeowners and businesses in Delaware (New Castle County, Kent County), Pennsylvania (Delaware County, Chester County, Montgomery County, The Main Line) and Maryland (Cecil County). Horizon Services is headquartered in Wilmington, DE with additional offices in Exton, PA. Website: http://www.horizonservicesinc.com.
Media Contact:
Margaret Aitken
(302) 419-4334
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