30% Federal Tax Credit Available Now
Thinking about upgrading your home’s heating system? If a new hot water boiler is on your radar, the federal tax credit can help make the investment more affordable! Thanks to the Inflation Reduction Act (IRA), homeowners can now claim a 30% tax credit, up to $600, when they install a qualifying energy-efficient boiler. This initiative builds on previous efforts, including policies established during the Trump administration and clean energy that aimed to reduce energy costs and promote sustainable practices. By taking advantage of this tax credit, homeowners not only save money on their heating system but also contribute to a greener future. It’s a win-win situation that makes upgrading to an energy-efficient boiler more appealing than ever. In addition to residential incentives, there are also opportunities for commercial properties to take advantage of solar tax credits for local businesses. This can further enhance overall energy efficiency and sustainability efforts, providing an economic boost while addressing environmental concerns. Investing in energy-efficient systems not only reduces utility bills but also increases the value of the property in the long run.
So, how does it work? If you purchase and install an eligible boiler in your primary residence (sorry, new construction and rental properties don’t count), you can claim the credit when you file your federal taxes. This incentive is available for purchases made between 2023 and 2032, so there’s plenty of time to take advantage of the savings.
Not all boilers qualify, though. To be eligible, your new gas, oil, or propane boiler must meet the ENERGY STAR® efficiency requirements set by the Department of Energy. (Click here for more details.) These high-efficiency models use less fuel, which means lower heating bills and a smaller carbon footprint—fantastic news for your budget and the environment!
Triangle Tube Gas Condensing Combi Boilers
One Energy Star verified boiler that we like to use at Sundance is from Triangle Tube. Here is a description of this fine company from their website: Triangle Tube is known for its commitment to energy efficiency and innovative design, ensuring that their products meet the highest standards in the industry. In addition to their high-quality boilers, they also offer valuable insights on the benefits of solar hot water systems, which can significantly reduce energy costs and promote sustainable living. By integrating such systems into your home, you can enjoy both environmental and financial advantages, enhancing your overall energy management.
“Triangle Tube, an innovator and industry leader in the manufacture and supply of quality stainless steel hot water heating equipment, has been keeping families warm since 1946.”
Tax Credit versus Rebate
One thing to keep in mind: this is a tax credit, not a rebate, so you won’t see instant savings at checkout. Instead, it reduces the amount of federal taxes you owe at the end of the year. To make claiming it easy, hold onto receipts and the manufacturer’s certification statement for your records. (As always, Sundance recommends contacting a tax professional to see how you would benefit from this tax credit.)
Sundance, the Local Hot Water Boiler Experts!
If you’re due for a heat system upgrade, this tax credit makes it a great time to switch to a more efficient boiler. Get in touch with Sundance asap. We can assess your best options to lower energy costs, have a warmer home, and potentially earn some extra savings on your taxes!
