How to Get the Residential Energy Efficiency Property Credit in Livermore in 2020

In regard to energy-efficient HVAC installation in Livermore, there’s good news for you this tax season.

The Residential Energy Efficient Property Credit will now go through 2020. This might make you eligible for credits for energy-efficient home enhancements, like updated heating and cooling equipment, water heaters and heat pumps.

How Do I Know if My Equipment Qualifies?

To be entitled for the incentive, the house must be the taxpayer’s primary home in the USA. The enhancement should work for five years or more, with the first use originating with the taxpayer.

What Types of Enhancements are Eligible to be High-Efficiency Updates?

Generally, this tax credit is equivalent to 10% of the expense of the following energy-saving enhancements that match certain ENERGY STAR® conditions:

 

  • Advanced main air-circulating fans
  • Energy-efficient gas, propane or oil furnaces
  • Energy-efficient gas, propane or oil hot water boilers
  • Energy-efficient heat pumps
  • Energy-efficient water heaters
  • Energy-efficient central air conditioners
  • Insulation
  • Particular metal and asphalt roofing
  • Qualified exterior storm windows, skylights and storm doors
  • Solar/geothermal energy products, like solar electricity, solar water heaters and geothermal heat pumps

 

Am I Limited to Claiming a Certain Amount?

Yes, there’s a lifetime cap of $500 per location. This means if you have used this incentive in previous years, you should reduce any credit you claimed earlier.

If you’ve previously claimed the highest amount, you aren’t eligible for any extra credits through this extension.

Credit Limits for Certain Equipment

Incentives are restricted for a couple of participating items:


  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient equipment—$300

If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.

Enhance Your Heating and Cooling Units Today

Been delaying buying new heating and cooling equipment? Call the Experts at 925-364-5427 or contact us online. We can help you find an energy-efficient system you can earn tax benefits during the upcoming year.

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