2023 Tax Credits
Federal Tax Credits for Heat Pumps and Air Conditioners
Are you eligible for tax credits?
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Federal Tax Credits for High Efficiency Equipment
Tax credits are administered by the IRS, and the credit amounts you may receive are subject to IRS regulations. Therefore, we highly recommend consulting a tax professional for advice on tax preparation and your tax credit eligibility.
For more information about the tax credit, you can also visit IRS.gov.Please consult your accountant or another tax professional to ensure that you meet all the requirements necessary to receive tax credits for your air conditioner or heat pump upgrade.
Vince Tiscio Air Conditioning will determine the right unit for your home or business by taking careful study of your cooling needs. Information such as window dimension and exposure, climate, floor space, insulation quality and even the direction your home or office faces, will all have an impact in choosing the right system for you. Let us help you save money by taking advantage of this Tax Credit Act.
Let’s verify its eligibility prior to installation. Simply give us a call!
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The Fine Print
Here are some of the Conditions of the Federal Act:
Annual Limits: 30% of the project cost up to a $3,200 annual maximum for all energy efficiency improvements claimed under this credit, subject to aggregate limits. This breaks down to:
- Up to $2,000 annual limit toward the purchase of any combination of air source heat pumps, heat pump water heaters, and biomass stoves/boilers.
- Up to $1,200 annual limit toward the purchase of any combination of central air conditioners, furnaces, boilers, plus other home envelope improvements (e.g. windows/doors/skylights, insulation, electrical).
- There are per-project limitations as well. Below, we will detail the tax credits available for air conditioners and heat pumps. For further details about tax credits for other types of energy efficient home improvements, visit energystar.gov.
Dates: Equipment must be purchased and installed January 1, 2023–December 31, 2032.
Property Requirements: Equipment must be installed in an existing home and your principal residence (the place you occupy most of the time). New construction and rentals do not apply. The principal residence must be in the United States and may be a house, houseboat, mobile home, cooperative apartment, condominium, or a manufactured home to qualify.
Pro Tip: To make the most of the tax credits, spread your energy efficiency improvements over a few years. The $3,200 annual limit and any aggregate limits reset each year through 2032. You can find ways to mix and match the tax credits for maximum savings by looking at your options on the ENERGY STAR website. Also, please be sure to consult your accountant or tax professional.
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