In a blog post last week, we wrote briefly about the tax credits that are available on HVAC equipment in 2011. There is one credit that we didn’t mention specifically that deserves it’s own post.
Here’s the scoop – if you install a solar energy system in your home, you can take a tax credit of 30% of the system’s cost with no upper limit. That’s right – no upper limit. That makes this tax credit much more generous and appealing when compared to the others available on traditional HVAC equipment this year (which have limits and range from $50 – $300). Plus, you can drastically reduce your monthly utility bills by using solar energy.
You might think that solar energy is something that only large corporations or people in California use, but new Lennox innovations make solar energy technology available to everyone. Lennox offers two “solar ready” heat pump models – the XP21 Solar Ready Heat Pump and the XP17 Solar Ready Heat Pump. These units support optional solar panels which will convert energy from the sun directly into electricity. By installing one of these units you’ll be going green and saving a bunch of money on both your utilities and taxes. Not too shabby.
You can get all the “nitty gritty” details on the energy efficiency tax credits available this year here – http://www.energystar.gov/index.cfm?c=tax_credits.tx_index. (FYI – You’ll sometimes see solar panel systems called “photovoltaic” systems; it’s just a more technical term. The Energy Star website calls them photovoltaic systems occasionally.)