You\u2019ve probably seen the advertisements and heard the sales pitches all over Santa Ana. Upgrade your furnace, air conditioner, water heater, or insulation and receive a federal rebate on your taxes for a percentage of the installation cost. The government is seriously invested in improving the energy efficiency of the country, cutting electric bills and helping people stay comfortable. Here\u2019s a quick look at some of those rebates and how you can tap into them.<\/p>\n
There is a standard tax credit of 10% of the cost up to $500 or a specific amount between $50 and $300 for any upgrade made to your existing home for heating, ventilation, air conditioning<\/a>, insulation, roofs, or water heaters<\/a>. These upgrades must be made on an existing home in which you currently live \u2013 rentals and new construction homes are not eligible.<\/p>\n Even better credits are available if you plan on installing a geothermal heat pump, wind turbine or solar system \u2013 either PV panels or solar heating. The tax credit here is 30% of the cost with no upper limit. This applies to any existing or new homes and can be applied to both primary and secondary residences.<\/p>\n The big question is whether these credits are worth the investment in a brand new system? For the most part, it depends on your particular situation. If you have a 30 year old furnace<\/a> and are planning on an upgrade anyways, why not take advantage of a nice rebate and get a more energy efficient system to go with it? However, if you just replaced your furnace three years ago and it works very well with a high energy efficiency rating, it might not be worth the investment.<\/p>\nGreen Energy Credits<\/h3>\n
Are the Tax Credits Worth It?<\/h3>\n
Learn More<\/h3>\n