Tax Credits
The team at Brothers aims to provide our customers with the most up-to-date information in our industry. We want to ensure that individuals are aware of updates, opportunities, and incentives available to them.
The IRS is now offering what they call the Energy Efficient Home Improvement Credit for those individuals that opt to install energy-efficient systems. Below is some general information about this credit option provided to Brothers from an IRS Fact sheet.
The information outlined below is taken from the Fact Sheet and highlighted here for your information and convenience.
To learn more, please visit:
www.irs.gov.
The residential clean energy property credit is a 30-percent credit for certain qualified expenditures made by a taxpayer for residential energy efficient property. The IRA extended the residential clean energy property credit through 2034.
the amount of the credit is equal to 30% of the sum of amounts paid by the taxpayer for certain qualified expenditures, including (1) qualified energy efficiency improvements installed during the year, (2) residential energy property expenditures during the year, and (3) home energy audits during the year.
There are limits on the allowable annual credit and on the amount of credit for certain types of qualified expenditures.
The credit is allowed for qualifying property placed in service on or after January 1, 2023, and before January 1, 2033.
This credit applies to multiple systems and set ups. Listed below are the systems and upgrades that can be helped with this credit:
- central air conditioners
- natural gas, propane, or oil water heaters
- natural gas, propane, or oil furnaces and hot water boilers
- improvements to or replacements of panelboards, sub-panelboards, branch circuits, or feeders that are installed along with building envelope components or other energy property listed
- electric or natural gas heat pump water heaters
- electric or natural gas heat pumps
Please note: New systems or upgrades must meet or exceed the highest efficiency tier (not including any advanced tier) established by the Consortium for Energy Efficiency (CEE) that is in effect as of the beginning of the year in which the property is placed in service.
Brothers is your source for any and all installations and upgrades. Call today to learn more!
The City of Rio Rancho’s Refrigerated Air Conversion Rebate will provide money for our residential customers to convert their existing evaporative (swamp) coolers to high efficiency refrigerated air conditioners. Since evaporative coolers are water intensive, switching to refrigerated air helps the City conserve water for future generations while saving residents money on their water bill.
Please see complete details here:
