How to Claim the Residential Energy Efficiency Property Credit in Kansas City in 2020

When it comes to energy-efficient HVAC installation in Kansas City, there’s great news for homeowners this tax season.

The Residential Energy Efficient Property Credit will now go through 2020. This might make you eligible for credits for energy-efficient home enhancements, like new heating and cooling units, water heaters and heat pumps.

What Are the Eligibility Requirements?

To qualify for the incentive, the house should be the taxpayer’s chief house in the U.S.. The improvement must last for a minimum of five years, with the initial use originating with the homeowner.

What Varieties of Enhancements are Eligible to be High-Efficiency Upgrades?

Generally, this tax credit corresponds with 10% of the price of the ensuing energy-saving changes that achieve specified ENERGY STAR® requirements:

 

  • Advanced main air-circulating fans
  • Energy-efficient gas, propane or oil furnaces
  • Energy-efficient gas, propane or oil hot water boilers
  • Energy-efficient heat pumps
  • Energy-efficient water heaters
  • Energy-efficient central air conditioners
  • Insulation
  • Certain metal and asphalt roofing
  • Certain exterior storm windows, skylights and storm doors
  • Solar/geothermal energy products, such as solar electricity, solar water heaters and geothermal heat pumps

 

Is There a Limit to How Much I Can Claim?

Yes, there’s a lifetime maximum credit of $500 per property. This means if you have used this incentive in past years, you must reduce any credit you already claimed.

If you’ve previously claimed the maximum amount, you won’t qualify for any other credits through this continuation.

Credit Maximums for Certain Equipment

Tax reductions are restricted for certain participating equipment:


  • Windows and skylights—$200
  • Advanced main air circulation—$50
  • Hot water boilers—$150
  • Energy-efficient units—$300

If you have questions about how you can benefit from the extension of the residential energy efficient property tax credit, download Form 5695 or contact your tax advisor for assistance.

Enhance Your Heating and Cooling Units Today

Been delaying buying new heating and cooling system? Talk with the Experts at 816-787-0500 or contact us online. We can help you choose an energy-efficient system you can reap tax benefits from the following year.

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