If you’re thinking about making efficiency-wise improvements or equipment upgrades in your home this year, you need to know about potential tax savings and rebates to help you save on your upfront costs. Here’s a look at some of the savings available in our area of Georgia:
Tax Credits for Renewable Energy Upgrades
The federal government offers tax credits on specific renewable energy upgrades through 2021. Credits provide a dollar-for-dollar reduction in your taxes, unlike deductions that only reduce your taxable income. For the current tax year, the credit is 30 percent of the total cost, including installation. It’s available for Geo-thermal heat pumps, solar water heaters, solar panels, fuel cells and small wind turbines.
Other Types of Rebates
Depending on the type of equipment you plan to purchase, you may qualify for one or more rebates from local electricity and gas suppliers, and reputable HVAC brands.
Atlanta Gas Light
Several area natural gas marketers, such as True Natural Gas and Gas South, offer rebates through Atlanta Gas Light when you install a:
- Tank or tankless hot water heater – $400 or $500
- Gas furnace to replace a heat pump system – up to $1,000
- Gas furnace to replace a propane unit – $500
Georgia Power currently offers a number of rebates for different types of equipment, for example:
- Solar or electric heat pump water heaters – up to $250
- High-efficiency electric/dual fuel heat pump conversion from
a gas furnace – up to $750
- Smart thermostat installation – up to $75
Lennox is offering a $1,250 rebate on the installation of a home comfort system that includes an air conditioner or heat pump, gas furnace and thermostat. They’re also offering an additional $450 in rebates for certain system enhancements – a smart thermostat, zoning system and whole-home air purifier.
Trane is presently offering a $200 rebate on various models of gas furnaces and packaged HVAC systems.
If you’re considering making efficiency upgrades to your Peachtree City home this year to save energy, contact us at Powers Heating & Air to learn more about tax savings and rebates.