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Federal Tax Credit Coming to a Close Soon
Back in February of 2009, President Obama approved a consumer tax credit as part of the larger 2009 American Economic Recovery Act. Eligible homeowners can take advantage of this $787 billion dollar stimulus package when you make upgrades to your home comfort system with Energy Star efficient products.
According to the US Department of Energy (www.energy.gov), consumers who purchase and install qualifying energy-efficient heating and cooling equipment are eligible. Qualifying systems include natural gas, propane, or oil furnaces; heat pumps; air conditioners; and even tankless water heaters. You can purchase up to $5,000 in products and can claim up to 30%, or $1,500 as a tax credit until December 31, 2010.
Unlike a tax deduction that only removes a percentage of the tax owed, tax credits reduce your taxes dollar-for-dollar – regardless of the tax bracket you fall into. Purchases can be itemized on your federal income tax form, allowing the total amount of tax owed to the government to be lowered.
As if the incentives from the American Economic Recovery Act weren’t enough, the State of California created and expanded the California Cash for Appliances Program (CFA). California homeowners are eligible for up to an additional $1,000 on top of the federal stimulus package. The CFA program does have a fund limit; this means once the funds run out the offer ends. With many people realizing the federal tax credit is due to expire at the end of this year, there will likely be a rush to take advantage of the savings, and this could quickly deplete the remaining funds in the CFA program. If you’re thinking about upgrades to your home comfort system, it’s best to act soon before it’s too late.
For a limited time Service Champions is offering southern California residents a special discount of $1,250. Along with a manufacturer’s discount of $1,200, you can see savings up to $4,950 when purchasing a new high efficient home comfort system.
When you think about all the great reasons to upgrade your home comfort system, don’t forget the increased efficiency you’ll experience with these new qualifying units. Installing energy efficient units can means you’re using less energy, saving even more money, and increasing your indoor comfort.
If you’re considering updating your heating or cooling unit, installing a new energy efficient tankless water heater or any of the numerous efficiency upgrades available, the potential for savings is huge. Now is the time to act. Remember, projects must be completed by the December 31, 2010 deadline to qualify.
To learn more about qualifying systems, contact Service Champions today.