Well the new stimulus bill has money in it for homeowners to get up to 30% tax refund if they make there home more energy efficient.
The tax credit is for qualifying windows, insulation, and heating systems.
Heating Systems Included:
|Geothermal Heat Pump||Closed Loop||Open Loop||Direct Expansion|
|14.1 EER||16.2 EER||15 EER|
|3.3 COP||3.6 COP||3.5 COP|
|Natural Gas Furnace||95% AFUE|
|Natural Gas Hot Water Boiler||90% AFUE|
|Propane Furnace||95% AFUE|
|Propane Hot Water Boiler||90% AFUE|
|Oil Furnace||90% AFUE|
|Oil Hot Water Boiler||90% AFUE|
|Gas, Oil or Propane Water Heaters||.82 Energy Factor|
|90% Thermal Efficiency|
|Electric Heat Pump Hot Water Heater||2.0 Energy Factor|
|Wood Stoves||75% Thermal Efficiency as measured using a lower heating value.|
|Advanced Main Air Circulating Fan (ECMs)||No more than 2% of furnace total energy use |
You can earn up to 30% credit on furnace, A/C, Air source heat pump, or water heaters. With a max cap of $1500. Example, you buy a new qualifying 95% Furnace and it cost $4500 installed you will get $1350 back on taxes. The way the tax part works is for example you have to pay in $2000 on your 2009 taxes you will now only pay in $650.
If you install Geothermal or Solar products your get 30% back with no cap. So if you buy a $15,000 Geo system you will get $4500 back. That new Geo system just cost you $10,500 plus you still get any local rebates avalable.
This is a huge part of the stimulus bill. This is money you as a citizen can actually get directly back to you. Plus you will be saving money on your monthly heating or cooling bills. Kind of a gift that keeps giving.
You can go to Energy Star: for detail information.
I would make sure you find a quality installing contractor with any of these options. Because a poor installation will not allow the equipment to save you any money. A new furnace or boiler is not like buying a TV or refrigerator. You can't just take it home and plug it in. There are many installing companies that treat them that way and it is far from that way. Sometimes the cheapest options cost the most in the long run. Unfortinatly I have learned that to many times in life.
Make sure you always check with your CPA to verify your tax situation will qualify for the credit. But pretty much most everyone that has a job and pays taxes should get the credit.