These days, we are all looking for ways to save a little money. As we work along with the local energy companies, we like to make sure that we are assisting them in helping you create an energy efficient environment.
Staying Comfortable in Your Home and Wallet: When evaluating your home heating and cooling options, efficiency and cost savings are extremely important. Plus, if your family is environmentally conscious, efficient heating and cooling products can help by using fewer energy resources. Beyond using less energy resources, Bryant® also offers Puron® refrigerant, which does not deplete the earth’s ozone layer.
Bryant has developed products with a wide range of efficiency ratings to give you a wide variety of worry-free options to meet your family’s needs. You can also visit the Energy Star website to view more government rebates available through the end of 2013.
Energy Efficient Savings
Home Energy Efficient Ratings and Their Effect on Your Savings
Energy-efficient heating and cooling products make home comfort more affordable. Understanding efficiency ratings and how they can influence your monthly utility bill is an important step in choosing the system that’s right for you.
AFUE (Annual Fuel Utilization Efficiency)
- Standard measurement of efficiency for gas and oil-fired furnaces
- Tells you how much of your fuel is used to heat your home and how much is wasted
- The higher the rating, the greater the efficiency
- Minimum required rating is 78%
- Bryant offers a full line of furnaces with AFUE ratings of up to 96%
Cost Savings: If you have an older furnace, you could save considerably on your heating bill by upgrading to a high-efficiency furnace.
SEER (Seasonal Energy Efficiency Ratio) – Bonus Deals
When you choose Bryant, you get an experienced dealer, dependable products and more. And when you purchase a qualifying Bryant product or system, you can receive a rebate back on your purchase. Now that’s what we call a good deal.
You can receive a rebate ranging from $25 up to $1,350 when you purchase a complete Bryant heating and cooling system that qualifies for the Bryant Bonus. Products qualify for varying rebate amounts. Bryant Bonus consists of pre-determined promotional time periods and products must be purchased within those periods to qualify.
Participating dealers display the Bryant Bonus logo. Talk to your dealer for more information.
Federal Tax Credits
Tax Credits Are Available For 2013 And Retroactive To January 1, 2012
Your Bryant® System Purchase Could Get You Up To $500 In Federal Tax Credits
The American Taxpayer Relief Act of 2012 passed in January 2013 retroactively extends tax credits for homeowners replacing heating and cooling equipment for their primary residence with qualifying, high-efficiency products. Tax credits, unlike deductions, are subtracted directly from your personal income tax liability. For example, if you complete your tax return and calculate that your tax liability is $2,000, a tax credit of $500 may reduce your tax liability to only $1,500. Be sure to check with your tax adviser to determine eligibility for and how to best take advantage of the tax credits.
Here’s How It Works:
Product purchase must be for your principal residence and be “placed in service” between January 1, 2012 and December 31, 2013. According to the IRS “placed in service” means when the original installation of the product is completed.
System components must meet efficiency levels set by the Federal government. Note that NOT all ENERGY STAR® qualified products are eligible.
1) Product Type Efficiency Requirements Maximum Tax Credit Available
2) Gas & Oil Furnaces and Boilers 95% AFUE $150
3) Air Conditioners 16 SEER / 13 EER $300
4) Heat Pumps 15 SEER / 12.5 EER / 8.5 HSPF $300
5) Packaged Air Conditioners 14 SEER / 12 EER $300
6) Packaged Heat Pumps 14 SEER / 12 EER / 8 HSPF $300
7) Advanced Main Air Circulating Fan $50
Geothermal See below:
•Claims cannot exceed the cumulative limit of $500 for all tax credits claimed for the years 2006 through 2013 (Section 25C of the tax code). So if you’ve made other home improvements qualifying for tax credits under the previous Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the American Recovery and Reinvestment Act of 2009 or the Energy Policy Act of 2005 which made credits available in 2006 and you’ve already received tax credits of $500 or more, you will not qualify.
•You will need to file IRS form 5695 with your tax return. You will also be required to have proof in the form of a signed statement from the manufacturer certifying the product qualifies, which can be obtained from your installing dealer. This should be kept in case of future audit but does not have to be submitted with the return.
Geothermal Tax Credits
Geothermal system tax credits are unaffected by these changes and remain in place as is through 12/31/2016.
Geothermal heat pumps placed in service starting in 2009 are eligible for a tax credit equal to 30 percent of their installed cost, with no maximum.
To be eligible for the tax credit, it must meet these ENERGY STAR criteria:
- Closed-loop, water-to-air system: 17.1 EER and a minimum 3.6 COP
- Open-loop, water-to-air system: 21.1 EER and a minimum 4.1 COP
- Closed-loop, water-to-water system: 16.1 EER and a minimum 3.1 COP
- Open-loop, water-to-water system: 20.1 EER and a minimum 3.5 COP
For More Information – you can find more information on the IRS website.
Note: this bulletin is for discussion purposes only and is general in nature. This is not to be considered tax nor legal advice. See your tax professional to determine how these credits would apply in your circumstance.
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