Tax Credits Available For New Furnace Buyers

| Total Words: 343

Not letting hot air get lost up the chimney has its rewards. Many homeowners who are replacing their furnaces are choosing high-efficiency models to help combat rising heating costs. High-efficiency furnaces, however, can be more expensive in the short term than their standard-efficiency counterparts. To make the purchase of this and other high-efficiency appliances easier on the average household, Congress passed the Energy Policy Act of 2005, which provides tax credits for the purchase of high-efficiency furnaces.

The new Energy Policy Act (EPACT) makes provisions for tax credits for qualified homeowners who install furnaces between Jan. 1, 2006 and Dec. 31, 2007. If the furnace installed has an energy-efficiency rating of 95% AFUE (Annual Fuel Utilization Efficiency) or higher, the homeowner may qualify for a tax credit of $150. And if the furnace uses a high-efficiency variable-speed blower motor, the purchaser may be eligible for an additional $50 tax credit!

According to Jim Miller, product manager for Goodman furnaces, 95% AFUE furnaces save homeowners money in the long run, even without the tax credit. “Simply put, with a 95% AFUE furnace, for every...

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