Green Daily

Did you install a new central air conditioning system in 2007? If you did you, may be able to save up to $300 on your tax bill in tax credits. You new air conditioning system can be a split system, an air source heat pump, or a geothermal heat pump to get the $300 tax credit.

For a split system to qualify it must have an EER rating of 11.5 or higher and a SEER rating of 14 or higher. The air source heat pump must have a HSPF rating of 9 or higher, an EER rating of 11.5 or higher and a SEER rating of 14 or higher. The geothermal heat pump can be a closed loop (EER of 14.1 or higher and COP of 3.3 or higher), open loop (EER of 16.2 or higher and COP of 3.6 or higher) or a direct expansion (EER of 15 or higher and COP of 3.5 or higher).

In order to qualify for the write offs the air conditioning systems must be qualified ENERGY STAR products (you see that on the product when you buy it) and they must be installed in your primary home. You can't take this write off if the installation was done in a second home or vacation home. If you don't have proof that your system is qualified, contact the company that did the installation. If it does qualify, the installer should be able to supply you with a manufacturer's certification statement. You'll also need to save your receipt for tax purposes.

Want to save money next year?

Check out the Green Daily Guide to Home Energy Efficiency. Get money-saving tips, tricks, and how-to videos for every homeowner. Not only will you save on your utility bill, next year you may be able to write it off your taxes too if legislation now pending in Congress passes to extend the tax credits to 2008!