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Tax Credits IRS
2011 Tax Credit Extension
As
part of the recently passed tax bill, the 25C tax extension for
residential high efficiency property has been extended for one
year. The maximum tax credit that can be claimed has been reduced
from $1500 to $500 for 2011. In addition, the 2011 tax credits have
placed maximum amounts that can be claimed for the various
components of the HVAC system, such as a $150 maximum tax credit for
a 95% gas
furnace and $300 for an air conditioner or heat pump.
These component maximum amounts are additive to the $500 maximum
lifetime tax credit.
Most of the HVAC qualifying
efficiency levels have remained the same. The only exceptions are
boilers and oil
furnaces,
where the qualifying efficiency has been increased from 90 AFUE to
95 AFUE. The following chart summarizes the difference between the
2009-10 tax credits and the newly passed 2011 tax credits. Changes
in the tax credits for 2011 are highlighted in red
|
Product |
2009-2010 Tax Credit |
2011 Tax Credit |
|
General Provision |
30% of installed cost up to
$1500 |
10% of installed cost, up to
$500 |
|
Central AC |
Split System:16 SEER & 13 EER
Packaged Unit: 14 SEER & 12 EER
30% of installed cost, $1500 max |
Split System:16 SEER & 13 EER
Packaged Unit: 14 SEER & 12 EER
10% of installed cost, $300 max |
|
Furnaces |
Gas Furnace: 95 AFUE
Oil Furnace: 90 AFUE
Boilers: 90 AFUE
30% of installed cost, $1500 max |
Gas Furnace: 95 AFUE
Oil Furnace: 95 AFUE
Boilers: 95 AFUE
10% of installed cost, $150 max |
|
Efficient Indoor Fan |
30% of cost of fan, $1500 max |
$50 |
|
Heat Pump |
Split System: 15 SEER, 12.5
EER. 8.5 HSPF
Packaged Unit: 14 SEER, 12 EER, 8 HSPF
30% of installed cost, $1500 max |
Split System: 15 SEER,
12.5 EER. 8.5 HSPF
Packaged Unit: 14 SEER, 12 EER, 8 HSPF
10% of installed cost, $300 max |
|
* Consumers
should consult a
tax professional
to ensure they qualify for the tax credit. Effective 2011
calendar year. |

* Discount must be on qualifying equipment. See store for
details.

Financing provided
by Wells Fargo Financial National Bank, a subsidiary of
Wells Fargo Financial.* Wells
Fargo Financial is an affiliate of Wells
Fargo Bank, N.A.**
*For the Wells Fargo Financial
hyperlink, please link to:
http://financial.wellsfargo.com
**For the Wells Fargo Bank, N.A.
hyperlink, please link to:
http://www.wellsfargo.com
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