January 2023 brought renewed Federal Tax Rebates and Oklahoma Natural Gas (ONG) Rebates. Don’t let a failing heating and cooling system get you down, go into spring with a new system from Norman Air, prepared for the heat of the Oklahoma summer.
New Oklahoma Natural Gas Rebates
$550 rebate for the installation of a new natural gas furnace or boiler with 95% efficiency, or higher.
$1,950 rebate for replacing an electric resistance furnace with a new natural gas furnace.
$1,950 rebate for replacing an electric heat pump with a new natural gas furnace and air conditioner.
$2,500 rebate for upgrading an electric resistance furnace to a new natural gas furnace with 95% efficiency, or higher.
$2,500 rebate for replacing an electric heat pump with a new natural gas furnace and air conditioner with 95% efficiency, or higher.
How Do You Take Advantage Of This Rebate?
We frequently use this rebate to give our customers the very best system with the features they want (energy efficiency, air quality accessories, humidity control, etc.). We can answer any questions you may have regarding this program and work with you to take advantage of the ONG Rebate Program.
This program is on a first come first serve basis so do not wait! Rebates will only be offered until funds are exhausted for the year.
Federal Tax Rebates
Tax credits are being offered for energy efficiency upgrades to your home. This includes AC upgrades, furnace upgrades as well as water heater, electrical, window, door, and insulation upgrades to your home.
Key Points To Keep In Mind:
AC Upgrades:
You can claim 30% (up to $600) of the project cost on AC upgrades.
For split systems, ENERGY STAR-certified equipment with a SEER2 rating greater than 16 is eligible.
Furnace Upgrades:
You can claim 30% (up to $600) of the project cost on furnace upgrades.
ENERGY STAR-certified gas furnaces with AFUE greater than 97% are eligible.
Electrical Panel Upgrades:
Upgrades to accommodate energy-efficient equipment are eligible.
You can claim 30% (up to $600) of the project cost on electrical upgrades.
Gas Water Heater Upgrades:
ENERGY STAR-certified gas water heaters (tank style) models are eligible as follows:
At least 0.81 UEF for tanks less than 55 gallons
At least 0.86 UEF for tanks greater than or equal to 55 gallons ENERGY STAR tankless models with at least 0.95 UEF are eligible.
Credit Claim Limits
In addition to limits on the amount of credit you can claim for any particular equipment installation or home improvement, there are annual aggregate limits.
The overall total limit for an efficiency tax credit in one year is $3,200. This breaks down to a total limit of $1,200 for any combination of home efficiency improvements, including:
- windows, doors, or skylights
- insulation
- electrical
- furnaces
- boilers
- central air conditioners
Electric Vehicles also qualify for a Federal Tax Credit of up to $7,500 – go ahead, get that EV you have been drooling over.
Tax credit language can be tricky, so consult your Certified Public Accountant to make sure you take complete advantage of these tax credits. If you haven’t done your 2022 taxes yet, they can also help determine if your home efficiency upgrades are eligible to claim there!
