For full information on all federal tax credits, visit energystar.gov. Could you use an extra $300? You might be eligible to receive a federal tax credit if you purchased a high-efficiency air conditioner or heat pump last year, or if you purchase one in 2016. The Residential Energy Efficiency Tax Credit originally came about in 2011, and expired in December, 2014. However, this federal tax credit has now been renewed. It now covers purchases of qualifying new HVAC equipment made before December 31st, 2016. Plus, good news – it also retroactively applies to purchases of air conditioners and heat pumps made starting January 1, 2015. Air conditioners will receive a tax credit of $300, and must meet the following criteria: Search here to see if your air conditioner qualifies. Heat Pumps will also receive a tax credit of $300, and must meet the following criteria: You can search here to see if your heat pump qualifies. For more information about qualifying Trane products, click here.

For more information about qualifying Lennox products, click here. The federal tax credit only applies to existing homes, not new construction. The home must also be your primary residence – no secondary residences or rentals. ac unit away from houseYou can only claim up to a total credit of $500 for all of the years (2011-2016) combined. central ac cost indiaIf you’ve already claimed $500 in tax credits, you won’t be eligible to claim any more credits.cost of ac repair car File IRS Form 5695 with your tax return. You can download the form here. The credit amounts you may receive are subject to IRS regulations, so we recommend consulting a tax professional for advice on tax preparation. Even if you didn’t upgrade your heating & cooling system, you might have purchased another qualifying household appliance like a Hybrid Heat Pump Water Heater.

Check the entire list of qualifying appliances.. Geothermal heat pumps are considered the most energy efficient heat pumps, because they use the earth’s natural heat from the ground instead of heat from the outside air. If you purchase a new Geothermal Heat Pump between January 1, 2011 and December 31, 2016, you’ll receive a Federal Tax Credit for , with no limit, including installation costs. Existing homes, new construction, principle residences and second residences qualify for the tax credit, but rentals do not qualify. The geothermal heat pump must meet the ENERGY STAR® program requirements at the time of its purchase. To learn more about the requirements for geothermal heat pumps, and see if your system qualifies, click here. Click here to find out which Trane Geothermal heat pumps are eligible for a federal tax credit. File IRS Form 5695 to receive the credit. The credit amounts you may receive are subject to IRS regulations, so we recommend consulting a tax professional for advice on tax preparation.

Yes, there are two energy tax credits available for Tax Year 2015: the Residential Energy Efficient Property Credit and the Nonbusiness Energy Property Credit. , we will guide you through claiming one of the credits on the proper tax form(s). If you made energy saving improvements to your home during 2015 by installing an Earth-friendly energy source, you may be able to take advantage of the Residential Energy Efficient Property Credit (that's a long name for a good credit!) The credit could be worth up to 30% of the total cost of installing certain renewable energy sources in your home. It is not restricted to your primary residence (except for fuel cells), and it may be claimed for newly constructed homes. However, you must own the home (rentals do not count). All installation costs may be included. Better yet, there is no cap or upper limit on the Residential Energy Efficient Property Credit (except for on wind turbines and fuel cells--but the caps on those are generous). For most types of property, there is no dollar limit on the credit.

However, if your credit is more that your taxes owed, you can carry over your unused portion of the credit to your tax return for next year. The Residential Energy Efficient Property Credit is not scheduled to expire until December 31, 2016. The energy-saving improvements must have been made in a home located in the United States. However, it does not have to be your main home (unless you're installing a qualified fuel cell property). Here are the different energy-efficient products that qualify for the credit: You can use Form 5695, Residential Energy Credits, . Though the Nonbusiness Energy Property Credit expired on December 31, 2014, Congress extended this credit until December 31, 2016. This means it's available to be claimed on 2015 and 2016 tax returns. If you made certain energy-saving or energy-efficient home improvements in 2015 or earlier, you could get a tax credit for up to 10% of the purchase price of qualified products, up to a maximum amount of $500 for all your home improvements (a maximum of $200 for windows) made during 2015.

Some installation and labor costs also qualify for the credit. This energy efficient home credit is only available to those taxpayers who did not claim more than $500 worth of home energy tax credits in an earlier year. If you received home energy credits from Tax Years 2005-2011, you must subtract the amounts you received from 2015's $500 "lifetime" credit cap (the lifetime cap is $200 for windows). In order to claim this energy credit on your 2015 or earlier Tax Return, you must have purchased the qualified improvements and placed them into service during the appropriate Tax Year. To qualify for the credit, the energy-saving improvements must have been made on an existing home (not a new construction) which was your primary residence, and which you owned. The home must also be located in the United States. You should have written certification from the manufacturer that produces the qualifying product. This certification is usually included with the product's packaging or posted on the manufacturer's website.