2024 HVAC Tax Credits: An Incentive to Upgrade Your Equipment
As the summer sun fades and the leaves change color here in Linwood, the thought of cozy nights spent indoors becomes increasingly appealing.
However, before you rely on your existing heating, ventilation, and air conditioning (HVAC) system to keep you warm this winter, consider its efficiency and potential for improvement.
Here at Broadley’s Plumbing, Heating & Air Conditioning, we understand the value of a reliable and efficient heating system. For many years, we have been dedicated to providing our customers with top-notch HVAC services, including installations, repairs, and maintenance. Our team of qualified professionals is here to ensure your New Jersey home stays warm and comfortable throughout the winter months, while also helping you save money.
Why Upgrade Your HVAC System?
As your HVAC system ages, its efficiency naturally declines. This means it works harder to achieve the same level of comfort, leading to higher energy bills and increased environmental impact.
Upgrading to a newer, high-efficiency model offers several benefits, including:
- Improved indoor air quality (IAQ): Modern HVAC systems often come equipped with advanced filtration systems, reducing dust, allergens, and other airborne pollutants in your home.
- Reduced carbon footprint: High-efficiency models utilize less energy, resulting in a smaller carbon footprint and a more environmentally friendly home.
- Lower energy bills: Upgrading your HVAC system can significantly decrease your energy consumption, leading to substantial savings on your monthly bills. According to the U.S. Department of Energy, replacing an older furnace with a high-efficiency model can save you up to 30 percent on your heating costs.
2024 HVAC Tax Credits
Upgrading your HVAC system not only benefits your comfort and the environment, but it can also be a smart financial decision thanks to the Inflation Reduction Act of 2022.
This act offers tax credits for high-efficiency HVAC units installed through 2032, allowing you to deduct up to 30 percent of the purchase and installation costs, with specific caps depending on the equipment type.
For example, you can save up to $600 on an ENERGY STAR® certified furnace that meets the minimum efficiency requirement.
Here is a complete list of the tax credits available for HVAC equipment:
Up to $600 for qualifying air conditioners, furnaces, boilers, and water heaters
Up to $2,000 for qualifying air-source heat pumps and heat pump water heaters
Up to $150 for energy audits and $600 for electric panel upgrades
Up to 1,200 for home insulation and up to $600 for windows and skylights
Geothermal systems and solar panels are uncapped at 30 percent. However, the 30 percent credit decreases to 26 percent in 2032 and then to 22 percent in 2033.
Eligibility
Specific guidelines apply to qualify for tax credits. For example, gas furnaces must be ENERGY STAR certified with a minimum annual fuel utilization efficiency (AFUE) rating of 97 percent.
Broadley’s Plumbing, Heating & Air Conditioning Can Help You Every Step of the Way
At Broadley’s Plumbing, Heating & Air Conditioning, we are dedicated to helping you find the perfect high-efficiency HVAC system that meets your needs, budget, and qualifies for available tax credits. Our team of experts can recommend the best options based on your specific situation and guide you through the application process.
Upgrade your HVAC system this winter and enjoy a warm, comfortable, and energy-efficient home while saving money!
Upgrade the HVAC Equipment In Your Home and Save Today!
Ready to upgrade your Linwood, NJ, home’s HVAC equipment? Reach out to Broadley’s Plumbing, Heating & Air Conditioning! Let’s get started and see what HVAC tax credits you qualify for! Call us at 609-286-7674 or request a service online.