Do you celebrate when you find a lost dollar bill in your pants’ pocket? Are you an expert coupon clipper? There’s no shame in being a penny-pincher, even when it comes to purchasing a new heating or cooling system for your home.
If your furnace, boiler, or air conditioner kicks the bucket, a new system is necessary – but not always cheap. This also isn’t an area where you want to be too frugal and get low-quality equipment or installation. The good news is there are financial incentives out there that can help bring down the total cost of your new heating or cooling system.
A tax credit is claimed on your taxes for the year that you purchased the heating or cooling equipment. Tax credits are specific and limited-time offers. They usually are available for a few years before the credit expires. So it’s important to research which credits are available and for which type of equipment.
For example, the current Residential Renewable Energy Tax Credit allows you to claim 30% of the cost of alternative-energy equipment such as solar water heaters. There are certain requirements (for both you and the equipment) in order to qualify for this credit.
With a rebate, you may be able to get a certain percentage or dollar amount directly back from a heating or cooling purchase, instead of waiting until you file your taxes like with a credit. You can find rebates at multiple levels of government (federal, state, and local) or from HVAC manufacturers. Often, these rebates are tied to energy-efficient products.
You may have to do some research to find a rebate – but the time can be well worth it. Here are two places to start:
Finally, be sure to check with your utility provider for incentives. You may be able to get cashback or other financial assistance for upgrading your heating or cooling system. Another thing you can ask about is a free energy audit, which could help you identify ways to reduce your energy bills each month.
Heating and cooling systems in Fredericksburg, Virginia
It’s never a bad thing to keep more of your hard-earned money in your pocket. While buying a new heating or cooling system for your home may seem like a big investment, there are multiple ways you can keep the cost within your budget.
At Robert B. Payne, Inc., we’re here to make the process of buying a new heating or cooling system as comfortable as possible. If you have any questions on current manufacturer rebates or local incentives, give us a call and we’ll be happy to help you out. Dial (540) 373-5876 or send us a message for more information.