Home Energy Tax Credits Ending Soon
If your Georgia home uses natural gas for heating and hot water, there are valuable energy tax credits that can help lower the cost of energy efficient upgrades. However, many of these credits expire after December 31, 2025. But there is still time to take advantage of these credits and lower the costs of installing efficient appliances, windows, and doors that can cut your Georgia gas bills. Before time runs out, here’s what to know about the deadline claiming an energy tax credit.
How Much Can You Save per Energy Tax Credit?
Let’s look at what your natural gas bill and what energy tax credit savings could be for a homeowner in Georgia. We’ll assume your current heating system is about 25 years old. According to the IRS, these tax credits cover up to 30% or $600 of equipment and labor. But this can be applied to both a furnace and water heater upgrade, adding up to $1,200.
A new Energy Star furnace must have a minimum efficiency of 90%. Your furnace from 2000 ran at about 80% efficiency at installation. This upgrade could save you about $120 a year according to Energy Star.
A new Energy Star water heater must have a minimum efficiency of about 86% for 55 gallon tanks. Your water heater from 2000 would have about an 80% efficiency at installation. This upgrade could save you over $95 a year.
Keep in mind the credits expire at the end of 2025, so installations must be completed before the first of the new year to qualify.
More Energy Credits Savings and Details
Similarly, homes with drafty windows and older doors can take advantage of the credits. For windows, you can get up to $600 or 30% of product cost. On the other hand, you can get $250 per door, up to $500, or 30% of product cost. As with all of these upgrades, these windows and doors need to be Energy Star rated to qualify. You can also get 30% or up to $150 for a home energy audit. Finally, you can get a credit for insulation; up to 30% or $1200.
Any of these energy efficient products will lower your energy costs once they have been installed. And, to take those energy savings even further, try shop for a cheap natural gas rate. Come visit us and get your plan today at https://www.georgiagassavings.com.