Rebates and Tax Credits
Tax Season is upon us and millions of homeowners will soon be receiving checks in the mail in the coming weeks from the IRS.
Many homeowners will likely invest their tax refunds on things that provide sustainable, long-term value such as home improvements. But not all home improvements are created equal and many smart consumers will spend their refund dollars on things that provide increased efficiency to significantly reduce their monthly energy bill, such as adding a new stove or insert.
By making the smart choice to invest their tax refund on an efficient new hearth product, consumers not only save money but can also increase the value of their home. According to the National Center for Real Estate Research, adding a hearth appliance can increase its value by 6 to 12 percent.
As a prominent leader in the industry, Hearth & Home Technologies backs its products with a limited lifetime warranty. There are many designs and styles to choose from that will provide ambiance and warmth to your home, all featuring the most advanced technologies available for heat and fuel efficiency.
After making the purchase, simply download and print the official Manufacturer's Certificate, which indicates which products qualify for the tax credit. Please also retain a copy of your receipt (proof of purchase) for your records. Work with your tax professional to ensure receipt of maximum tax credits available.
Your state may offer additional rebates or credits on your purchase through a local program. Check below to see if you state currently has a program available.
New York Stove Change-Out Program
Save Up to $1,500 Now on EPA-Certified Appliances
Beginning January 13, 2017, the Renewable Heat NY (RHNY) Program is designed to provide funds to help cover the costs of installing renewable energy appliances in New York homes. This is an incentive to remove older appliances and replace them with clean, efficient new appliances. Additional information on the RHNY is available here.
Step 1: Purchase and install an EPA-certified eligible appliance to replace your in-use and not EPA-certified appliance.
Step 2: Receive the applicable discount from the retailer at the time of appliance purchase.
Step 3: Have the appliance installed by a certified, participating dealer.
Maryland Energy Administration Rebate
The Maryland Energy Administration provides ongoing rebates for wood and pellet stoves. Until Jan. 31, 2020, rebates are $250 - $500 for wood stoves that emit 3 grams an hour less and $350 - $700 for pellet stoves that emit 2 grams an hour less. As of Feb. 1, 2020, wood and pellet stoves must have an efficiency listing of 70% or higher to be eligible for the rebate. The rebates will be $500 for wood stoves and $700 for pellet stoves. For more information see the MEA webpage and the Alliance Q & A.