2013 HVAC Tax Credits

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The good news is that 2013 HVAC tax credits are approved, and ready to be used! The 2013 HVAC tax credits apply to energy efficiency improvements and/or for the purchase of certain HVAC equipment that meets efficiency guidelines. This equipment of course must be installed in a home in the United States that is owned by the tax payer.

There is a $500 lifetime limit on the tax credit (this began January of 2011). That means if you've received any energy efficiency tax credits from 2006 - 2010, then that counts towards your lifetime limit, and you can't go over $500. For example, if you got $800 (of then $1,500 tax credit) in 2009, then you are not eligible for anything more in 2011. If you got a $400 tax credit in 2006, then you can get an additional tax credit of up to $100 in 2011. The $500 tax credit can be on a single, or multiple products - but not more than $500 total for your lifetime.

So it seems that Uncle Sam's goal with the 2013 HVAC tax credits is to help existing homeowners who have not made the move to new equipment, to make that move.

Solar Energy Systems Tax Credit

At least half of the energy generated by the "qualifying property" must come from the sun. The system must be certified by the Solar Rating and Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed. Tax Credit includes installation costs.

Note: The credit is not available for expenses for swimming pools or hot tubs. The water must be used in the dwelling. Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement.

Tax Credit: 30% of cost with no upper limit
Expires: December 31, 2016
Details: Must be installed in a home you own and use as a residence (no rentals, but second homes qualify).
Models: Download PDF of Approved Solar Water Heaters
How To Apply: Fill out form 5695, and then on your 1040 enter the amount on line 52

Form 1040 PDF | Form 5695 PDF