Your 2015 tax refund can give you years of savings in the future on your electric bills. Romark A/C and Plumbing wants you to spend your tax refund wisely.
According to the IRS, the average tax refund is somewhere in the neighborhood of $3,000 or more. On average, Uncle Sam also owes some type of refund to approximately 70 percent of those filing. Have you thought about how you are going to spend this year’s refund?
Investing in a home improvement such as a new piece of HVAC equipment isn’t just smart; it’s the type of investment that keeps on giving. The government renewed many residential energy efficiency tax credits again through December 31, 2016. Not only can you take advantage of tax credits on your 2016 tax return, energy efficient equipment will pay you back big time in just a few months time.
The following components qualify for up to $500 in 2016 Federal Income Tax Credits:
- Central Air Conditioning
- Gas, Propane or Oil Furnaces and Fans
- Air Source Heat Pumps
- Non-solar Water Heaters
Solar Energy Systems and Geothermal Heat Pumps even qualify for 30% of cost of purchase and installation with no upper limit. All of these products have specific requirements to qualify for the tax credit; be sure to review the Residential Energy Efficiency Tax Credit requirements carefully before making any decisions or claims. For specific information, call Romark A/C and Plumbing for a free energy review, or consult your tax preparer.
Remember... a tax credit is actually a much better benefit than a tax deduction, so you won’t want to miss out. Who knows how much longer these consumer benefits will be extended.
And there’s even more savings and benefits to consider. ENERGY STAR products use up to 30% less energy in your home. These estimates are conservative, and some experts estimate anywhere from 50-70% utilities savings when an energy efficient unit replaces an older, less efficient piece of equipment. You’ll begin seeing the return on your investment with your first utility bill.