Are you considering making energy efficient improvements and equipment upgrades around your home this year? If so, you may qualify for tax credits, and/or other types of rebates and incentives that can help offset the upfront cost.
Here’s a helpful guide on different types of savings available for Orlando-area homeowners.
Renewable Energy Tax Credits
Through 2021, the federal government is offering tax credits for certain renewable energy upgrades. Unlike a deduction that just reduces your taxable income, a credit gives you a dollar-for-dollar offset against the taxes you owe. For the 2019 tax year, you can receive a credit for 30 percent of the equipment cost – including installation.
A solar water heater that generates at least half of the hot water used in your home qualifies for the credit. (it doesn’t apply to solar heaters for hot tubs and pools). Other qualifying equipment includes Geo-thermal heat pumps, small wind turbines, solar panels and residential fuel cells.
Additional Rebates and Incentives
Depending on the specific improvement or equipment you’re planning on investing in, you may also qualify for rebates and incentives like these from area utility companies and reputable HVAC manufacturers:
Orlando Utilities Commission (OCU)
Attic insulation to R30 or higher — $0.10 per square foot.
Solar window film — $0.55 per square foot
Heat pump rated 15 SEER (or higher) – up to $1,630
High-efficiency heat pump – up to $800
Attic insulation – up to $200
Natural gas heating system – up to $750
Natural gas tank water heater – up to $550
Lennox is offering a $1,250 rebate on the purchase of a complete home comfort system that includes a gas furnace, A/C or heat pump and thermostat. Additional rebates totalling $450 are available on beneficial system enhancements including a smart thermostat, zoning and air purification systems.
Trane currently offers a $200 rebate on packaged HVAC units and gas furnaces.
If you’re considering making upgrades to improve energy efficiency in your Orlando-area home, and you’d like to learn more about available tax savings, rebates and incentives, contact us today at Rinaldi’s Energy Solutions.