It’s hard to believe but we are almost through the first month of the year and while many of us are still trying to focus on our New Year’s Resolutions tax season is quickly approaching. It’s time to sharpen your pencils, get your and receipts together. Since taxes are on everyone’s mind these days we thought it would be good to compile information about current tax rebates if you’re considering making home improvements this year. There are many rebates and credits available for upgrading your home’s plumbing, heating, and cooling systems. If you’re thinking you may need to replace a water heater or furnace this year get all you need to know about current credits.
Let’s start with central air conditioning. Whether you are considering converting to refrigerated air or replacing an existing unit you need to know that these credits and rebates can be a little tricky in this category. This is because there are a few components that make up the energy rating the SEER rating (Seasonal Energy Efficiency Rating) as well as the condenser and coil. Sometimes in order to properly fit and install the unit a non-qualifying coil is used and this disqualifies you from the rebate. Definitely talk to your HVAC professional about qualifying systems when getting an estimate. Sometimes it may or may not be in your best interest to install a qualifying system. This all depends on the configuration and needs of your home. At this time there are no Air Conditioning Tax Credits for 2017. They previously expired as of December 31, 2016. However, we will keep you updated if they get renewed and become retroactive to the beginning of the year. However, there are PNM rebates available on qualifying systems. See the chart below for more information or PNM’s cool rebates information.
PNM offers a rebate when you upgrade your standard swamp cooler to a down-draft or side-draft evaporative cooler with 12-in rigid media. Qualifying systems are Breezair Coolers and Mastercool/Aerocool Systems.
PNM rebates for Air Conditioning and Swamp Coolers are eligible from January 1 – December 31, 2017
The New Mexico Gas Company offers rebates from $200 – $375 when you have a licensed participating contractor install a qualifying high efficiency gas furnace or boiler. The systems need to have an AFUE (annual fuel utilization efficiency) rating of 92% or higher. Qualifying furnaces or boilers installed between April 1, 2016 – March 31, 2017. We will keep you updated if this rebate gets extended beyond the March deadline. See the rebate tiers below:
New Mexico Gas Company offers rebates from $225 to $300 when you have a licensed and insured participating contractor install a high efficiency, Energy Star certified tankless or condensing tank water heater. Eligibility for these rebates is from April 1, 2016 – March 31, 2017. We will keep you updated if this rebate is extended beyond the March deadline.