Energy Tax Credits and You
As a leader in enabling homeowners to take control of their own energy management, Expert Mechanical already offers systems that may help you save up to 60 percent on your energy bill.1 To add to that savings, Expert Mechanical offers many products that are eligible under this new energy tax credit law. Depending on the type of system or product purchased, it is possible to qualify for a tax credit of up to $1,500 on your 2009 or 2010 income tax return. Read on to learn how the government’s new tax credit program works, which products qualify, and how to apply for a tax credit.
How did the tax credit come about?
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act (also known as the Economic Stimulus Bill) into law. This legislation combines spending and tax incentives designed to get the American economy moving again by investing in our nation’s roads and energy infrastructure, and by providing incentives for increasing the efficiency and performance of America’s homes and commercial buildings.
How do I apply for a tax credit?
For qualified improvements, homeowners may be able to claim tax credits equal to 30 percent of the installed costs (up to $1,500). The new tax credits are retroactive to January 1, 2009 and expire on December 31, 2010. The $1,500 limit is for all improvements made during the two-year term, rather than $1,500 each year.
The tax credit applies as a direct reduction of taxes owed. In the past, IRS has directed taxpayers to use Form 5695 (the Residential Energy Efficient Property Credit). It is expected that the IRS will produce new rules related to the recently enacted stimulus legislation, giving taxpayers further guidance on claiming tax credits. To fully understand how the new tax credit may apply to you and what you can do to obtain one, you should consult with a tax professional for advice on tax preparation, as this tax credit is subject to IRS regulations.
How do I learn more about Expert’s High Efficiency Energy Products?
Expert Mechanical is committed to providing your family with a system that is tailored to your specific needs. Find out more information about high efficiency products that are designed to give you the best performance for your heating and cooling dollars. In addition, you can also talk with our friendly comfort specialists by calling 480-539-4640.
What are the Product Requirements for the Tax Credit?
A/C
Packaged System
14 SEER and 12 EER gives you 30% of cost up to $1500
Split System
16 SEER and 13 EER gives you 30% of cost up to $1500
Heat Pump
Packaged System
14 SEER and 12 EER and 8 HSPF gives you 30% of cost up to $1500
Split System
15 SEER and 12.5 EER and 8.5 HSPF gives you 30% of cost up to $1500
SRP Rebates & You:
A/C
Packaged System
15 SEER and 12+ EER gives you $200
16 SEER and 12+ EER gives you $300
17+ SEER and 12+ EER gives you $400
Split System
17+ SEER and 13 EER gives you $400
Heat Pump
Packaged System
15 SEER and 12+ EER and 8+ HSPF gives you $200
16 SEER and 12+ EER and 8+ HSPF gives you $300
17+ SEER and 12+ EER and 8+ HSPF gives you $400
Split System
16 SEER and 12.5+ EER and 8.5+ HSPF gives you $300
17+ SEER and 12.5+ EER and 8.5+ HSPF gives you $400
APS Rebates & You:
A/C
Packaged System
13-13.99 SEER and 10.8+ EER gives you $175
14-16.99 SEER and 10.8+ EER gives you $425
17+ SEER and 10.8+ EER gives you $525
Split System
13-13.99 SEER and 10.8+ EER gives you $175
14-16.99 SEER and 10.8+ EER gives you $425
17+ SEER and 10.8+ EER gives you $525
Heat Pump
Packaged System
13-13.99 SEER and 10.8+ EER gives you $175
14-16.99 SEER and 10.8+ EER gives you $425
17+ SEER and 10.8+ EER gives you $525
Split System
13-13.99 SEER and 10.8+ EER gives you $175
14-16.99 SEER and 10.8+ EER gives you $425
17+ SEER and 10.8+ EER gives you $525
