Q: Are all wood stoves eligible for this 30% tax credit?
A: No. The 2009 Stimulus Plan (the “American Recovery and Reinvestment Act of 2009”) specifies that only wood stoves that are 75% efficient will qualify.

Q: How will the 75% efficiency requirement be determined?
A: The 75% efficiency requirement is measured using the “lower heating value” of the wood. Lower Heat Value (LHV, or net calorific value) of wood does not include the energy required to vaporize water. In Lower Heat Value, the energy lost in vaporizing water is subtracted from the calculation of efficiency, because this energy is not intended to be recovered by the stove.

Q: Do your wood stoves qualify?
A: Yes. On June 2, 2009 the IRS finalized the requirements for “qualified energy property.” Back in April, we sent our stoves to an independent test lab for efficiency testing under the Lower Heat Value method. All of our woodstoves passed with flying colors (efficiency results varied between 85-90%, depending on the model). The official certificate is available on our website.

Q: When does this tax credit go into effect and how long will it last?
A: The tax credit is good for two years. It goes into effect January 1, 2009 and is valid only for the purchase of a qualifying stove in 2009 and 2010. The sales receipt must indicate that the purchase was made between January 1, 2009 and December 31, 2010.

Q: How will I use this tax credit?
A: You can claim this credit on your federal income tax form at the end of the year. The credit decreases your tax liability. (It does this by increasing your tax refund or, if you owe taxes, it decreases the amount you have to pay.

Note: This is a tax credit, not a tax deduction. A tax credit is more valuable than a similar tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions - such as those for home mortgages and charitable giving - lower your taxable income.

Q: Is it a max of $1500 per household per year? Or is $1500 the max over the 2 years?
A: $1,500.00 is the maximum over two years, per household.

Q: Can I buy more than one woodstove and still get the credit?
A: Yes, you could buy two qualifying wood stoves and get a 30% tax credit on each stove (up to a maximum credit of $1,500.00)

Q: Can I get a tax credit for related items (i.e. chimney parts, installation materials, hearth pads, and so on) to get the maximum credit?
A: No, the tax credit only applies to the purchase price of the stove itself and installation (labor) costs, and not related equipment

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330-464-2793

Chad@forcedairoutdoorfurnace.com

 

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