2010 concluded the $1500 tax rebate for upgrading your furnace, boiler or air conditioner to a high efficient unit.  The federal tax credit ends on December 31, 2010 and you had to have your hvac equipment installed by that date.  That is the bad news.

The good news is that there is a 2011 Federal Tax Credit available.  While it is not as good as the one that finished in 2010, it is still money in your pocket if you were not ready to replace your furnace, air conditioner or boiler until now.

Some of the details are listed below:

• The maximum amount an eligible homeowner may receive in tax credits for residential property will be reduced from $1500 to $500.

• All furnaces and boilers, whether natural gas, propane or oil, must have an AFUE of 95 or above to be eligible for the credit.

• The credit is not 30% of the total cost of the hvac equipment including install.

• $150 Tax Credit for natural gas, propane, oil furnace or boiler with minumum 95% AFUE

• $300 Tax Credit for split system air conditioner with minimum 16 SEER / 13 EER

• $300 Tax Credit for split system heat pump or min split system  15 SEER / 12.5 EER / 8.5 HSPF

As you can see, the Federal Tax Credit is not as attractive in 2011 as it was in 2010 and 2009.  However, if you are looking to replace your lower efficient furnace, boiler or air conditioner, it may help cover the extra up front cost of the replacement while you save money on your monthly energy bills.

Contact Minneapolis Saint Paul Plumbing Heating Air if you would like to learn more about the 2011 Federal Tax Credit or high efficient furnace, boiler and air conditioner.  You can reach us by phone  or schedule an appointment online.