Tax Credits And Utility Rebates
Qualifications on Tax Credits and Utility Rebates for Residential equipment is as follows but is subject to change.
Federal Tax Credits
The federal tax credits on qualifying high efficiency HVAC equipment was modified and extended through December 31, 2011. The program differs from the program effective in 2009-2010 in the following ways:
- The maximum amount an eligible homeowner may receive in tax credits for "residential energy property" will be reduced from $1,500.00 - $500.00. The cap is on the total amount of credits a homeowner may claim for purchases between 2006 and 2011, not just for 2011. If a homeowner has already claimed credits of $500.00 or more through this allowance, they will be unable to claim new credits for improvement made during 2011.
- All furnaces and boilers, whether natural gas, propane or oil, must have an AFUE of 95% or above to be eligible for the credit.
Federal tax credits (of 30% of the installed cost) are still available for the following:
- Geothermal heat pumps
- Small wind turbines
- Solar energy systems
These credits will remain in effect until December 31, 2016.
For more details on Federal Tax Credits see: www.energystar.gov/taxcredit
Utility Rebates
Up to $400.00 Chicagoland Gas Savings Program Rebate/ Nicor Energy Efficiency Program rebate. For more details on Peoples Gas / North Shore rebates see the links below:
www.conservationrebates.com/programs/chi/CHI_Index.aspx
www.nicorgasrebates.com/res-customer/res-cust-rebate-information