Many people strive to live a more eco-conscious way of life. Living a greener lifestyle factors into multiple pertinent societal issues, from future planning to the planet’s wellbeing. For numerous years, people have pushed for more environmental-centered incentives, ensuring communities as a whole play their part in taking care of the earth. As part of the consistent fight for the environment, you can now claim a $300 energy star tax credit on qualifying HVAC systems.
The Start of Green Incentives
In the 1970s, the first residential Energy Efficiency Tax Credit incentive came to fruition, allowing people to gain back money when implementing energy-efficient home products. The government found that issuing a green home tax credit encouraged people to implement more energy-saving home additions and promote carbon footprint reductions. From there, fast forward to 2017 and the Nonbusiness Energy Property Tax.
Nonbusiness Energy Property Tax
From 2017 to 2021, people could claim certain energy-efficient home features and renewable resource alternatives on their taxes for rebates up to a total of combined claims for $500 across the enacted years of the regulation. Within the Nonbusiness Energy Property Tax qualifications and total claims, various residential energy properties, such as central air conditioning, certain furnaces, and electric heat pumps, qualified for $300. In 2022, the Nonbusiness Energy Property Tax was discontinued. However, you can still claim your $300 energy-efficient HVAC tax credit through the Inflation Reduction Act.
2022 Energy Star Tax Credit
The signed Inflation Reduction Act puts into effect numerous climate and clean energy incentives, including a revitalization of the green home tax credit. It basically extends the Residential Energy Efficiency Tax credits through to 2032, allowing you to claim $300 on your Energy Star–certified products. The revitalized version of the tax break claim now goes by the Energy Home Improvement Credit, which you should keep an eye out for when filing upcoming taxes to ensure you save some costs.
Who Can Claim the Tax Credit?
All homeowners who recently purchased and installed an Energy Star–certified product qualify for the Energy Star credit. Check out our blog on What it Means to Be Energy Star Certified to find out what specific qualities factor into the certification.
At Pioneer Mini Split, we offer a range of Energy Star–certified systems. When you purchase one of our qualified products this year, you can get a $300 rebate on your upcoming filed taxes. The Energy Star tax credit, combined with the cut costs on your energy bills, from running an energy-efficient heating and cooling system, saves you a lot of money. The mini splits practically pay for themselves! Check out Pioneer’s Energy Star–certified mini splits today to save some extra cash in your pockets.