Daikin AC. Absolute Comfort

Install by December 31, 2011.

U.S. homeowners can claim up to $300 on qualifying Daikin Heat Pump Systems installed during the 2011 tax year.

For Canadian homeowners, please see details at the end of the page below.

It’s a tax credit, not a deduction.

U.S homeowners can claim 10% of the costs (up to a $300 limit) for the installation of higher efficiency equipment, including air-source heat pumps. The tax credit applies to the installed costs of any qualifying equipment, which includes labor. You may only claim $300 in total for any energy-efficient improvements and can choose to use the entire credit toward the installation of one appliance.

This credit will reduce the amount of income tax you owe. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the tax itself.

Lifetime limitation – The Tax Relief Act of 2010 reinstates the lifetime tax credit limits, which disqualify any homeowner who has claimed more than $500 in 25c tax credits for all prior taxable years ending after December 31, 2005, from any further credits.

Note: As every taxpayer’s situation is different, your contractor can help you figure out the actual tax credit.

How to claim your credit.

When claiming the tax credit, you should review the final rules and forms developed by the Internal Revenue Service (IRS) to clarify which products and services qualify for the tax credits. For more information on obtaining the tax credit, click here, or visit the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) at www.AHRINET.org and click on “Homeowners”.

Additional information you should know:

• The equipment must be “placed in service” between January 1st, 2011, and December 31, 20101.
• The equipment must be installed in your principal residence.
• The equipment must have a Manufacturer Certification Statement to qualify.
• For record keeping, save your receipts and the Manufacturer Certification Statement.
• You should use IRS Tax Form 5695 (2009 version).

Download the following documents:
IRS Tax Form 5695 (not yet available for the 2011 tax year)
Manufacturer Certification Statement (to include with your tax form)

QUALIFYING DAIKIN UNITS

Additional incentives:

Some Daikin products may qualify for Energy Star. Find incentives and localized rebates currently in effect around North America.

There are also more localized rebates currently in effect around the country. To see if there are additional incentives available in your area, click here to review a comprehensive listing of utility, local, state and federal incentives maintained by the fine folks at DSIRE^TM.

Established in 1995 and funded by the U.S. Department of Energy, DSIRE is an ongoing project of the North Carolina Solar Center and the Interstate Renewable Energy Council.

In Canada

Various government levels are offering many grants and financial assistance.  To help you find information, please visit www.nrcan-mcan.cg.ca .

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