2015 Tax Credit
Section 25C Tax Credit for Qualified Energy Efficiency Improvements.
This policy offers a credit worth up to $500 (subject to a $500 lifetime cap), with lower caps for certain products like windows, for consumers to install qualified energy-efficient upgrades. The credit is extended through 2016, with some updates for qualifying requirements.
We will post the efficiency requirements as soon as we know if there have been changes to the previous requirements listed below. This new tax credit, might only apply to "geothermal heat pumps". Be sure to check with your tax adviser.
Rebates & Tax Credits
2014 Federal Tax Credit Update:
The Tax Increase Prevention Act of 2014 (H.R. 5771), signed into law on December 19, 2014, extends the §25C tax credits for highly efficient HVAC and water heating
equipment that expired at the end of 2013.
Specifically, the Act extends the tax credits for one year and applies solely to the 2014 tax year. Accordingly, qualified equipment installed between January 1, 2014 and December 31, 2014 is eligible for the credit. Please note that the maximum §25C tax credit that can be claimed by a taxpayer for all qualified energy efficiency improvements made in 2011 through 2014 is $500. Qualified equipment includes
HVAC products with the minimum efficiencies shown below.
Credit Minimum Efficiency Requirements:
• Furnaces/Boilers $150
• AC and HP $300
• Natural gas, propane, or oil with an AFUE of not less than 95%
• Split system central air conditioners that achieve 16 SEER and 13 EER
• Packaged central air conditioners that achieve 14 SEER and 12 EER
• Split system electric heat pumps that achieve 8.5 HSPF, 12.5 EER, and 15 SEER
• Packaged electric heat pumps that achieve 8.0 HSPF, 12.0 EER, and 14 SEER
• Advanced Main Air Circulating Fan $50 (A fan used in a natural gas, propane, or oil furnace with an annual electricity use of no more than 2 percent of the total energy use of the furnace).
Tampa Electric Rebate Click Here
If you are considering replacing your air conditioning system and gas furnace, or heat pump system, give us a call.
The current criteria for qualifying is at least a 15 SEER rating. As of November 2nd, 2015 the rebated amount will be $135, down from $275. and in some cases $400. This will apply regardless of the the type equipment you are replacing and is the same for split heat pumps, package heat pumps, straight cool with natural gas heat or heat pump mini-split systems. No rebates are paid on straight cool systems with electric heat as the primary source of heating, regardless of the SEER.
This is taken off the contracted base price and then paid to the dealer by TECO after submitting the required information and passing the TECO installation inspection. TECO also has an air duct inspection, evaluation and sealing service. Go to TECO Ductwork for more information on that program.
PEOPLES GAS Rebate
Peoples Gas (TECO owned) is also currently paying a rebate for new central natural gas heating. This rebate is between the customer and Peoples Gas and does not involve the ac contractor. You will need the model numbers of both the old and new equipment when you as a consumer, file for this rebate, which is currently $500. Click here for more information: http://www.peoplesgas.com/residential/conserveandsave/rebates/
Federal Energy Savings Tax Credits
2013 Federal Tax Credit Update:
The American Taxpayer Relief Act of 2012—which was passed in response to the “fiscal cliff”—includes a retroactive extension to the federal tax credits made available in 2011 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on qualifying high-efficiency heating and cooling equipment.
That means more HVAC customers will be able to receive a credit on their 2012 or 2013 tax return.
Specific information on how to claim the tax credit should be obtained directly from the U.S. Internal Revenue Service. Manufacturer’s Certification Statements should be provided to the homeowner for their records and to support their Tax Credit claims for these systems.
2012-2013 Tax Credit Efficiency Requirements. The efficiency requirements are the same as for 2011.
Tax Credit Amounts. The amounts of the tax credits allowed to the homeowner are the same FIXED amounts—$300, $150, $50—previously available in 2011.
Limitation on Credits. The cumulative limit a homeowner may receive in Section 25C tax credits claimed from 2006 – 2013 is $500. Accordingly, if homeowners have already claimed Section 25C tax credits prior to 2012, they will only be able to claim new credits for improvements made during 2012 or 2013 for the remainder of the $500 lifetime limitation, if any.
New Dates. The new credits are available for qualifying products purchased and “placed in service” between January 1, 2012, and December 31, 2013.
$300 on qualifying split system and packaged air conditioners and heat pumps, $150 on qualifying gas furnaces, and $50 on qualifying advanced main air circulating fan, up to a maximum of $500. (If homeowners have already claimed credits of $500 or more through this allowance between 2006 and 2011, they will be unable to claim new credits for improvements made during 2012 or 2013.)
The 2011 Program offers tax credits equal to 10% of the costs (up to a $300 limit) for installing a high efficiency central air conditioner or heat pump. These tax credits are only available for improvements made in 2011. The requirements are at least 15 SEER, 12.5 EER & an 8.5 HSPF for heat pumps and at least 16 SEER with a 13 EER for straight cool systems. Package systems must meet or exceed 14 SEER and 12 EER and 8 HSPF (for heat pump systems) to qualify. Go here for more information: Energy Star Program Use IRS Form 5695(2009 Ver.) to file for your Federal Energy Tax Credit.
NOTE: the new law reinstates the lifetime tax credit limits, which disqualify any homeowner who has claimed more than $500 in 25c tax credits since January 1, 2005, from any further credits. Please consult with your tax adviser accordingly as we will not be held responsible for any Tax Credit due to you.
Florida “Energy Star” residential air duct rebate program:
It is our understanding that this program (for duct leakage repair & certification) has run out of funding.
Check back often for current information.
The TECO rebate requirements will most likely be changed in 2011 and there may be new Federal or State tax incentives.
D. Woodall also offers some Financing Options to help you get your air conditioning system working today!