Nov 25 2016
Nov 9 2016
What is the Biomass-Burning Stove Tax Credit?Learn More Here
This federal tax credit encourages people to make energy-conscious purchases that improve the energy efficiency of their home. It is an up to $300 credit you can get for the purchase and installation of a qualifying biomass-burning stove or fireplace insert between January 1, 2015 and December 31, 2016. Biomass simply means the stove uses wood or pellet fuel.
What is the difference between a tax deduction and a tax credit?
A deduction is an expense or amount you can subtract from your taxable income. A tax credit lowers your actual tax bill dollar-for-dollar, in this case by up to $300. In general, a tax credit is more valuable than a similar tax deduction.
How is the value of this tax credit determined?
When you purchase and install a qualifying biomass-burning appliance between January 1, 2015 and December 31, 2016, you get a tax credit of 30% of the total price, up to $1,500 dollars. So, for example, if your wood or pellet stove cost $5,000 (which can include installation), you can deduct $1,500 from the taxes you owe the government.
What appliances qualify for the tax credit?
Any wood- or pellet-burning stove that meets the 75% efficiency rating qualifies for this credit. All of the stoves that we sell qualify for this. Come on in and see what we have in stock!
Armstrong’s large selection of Lopi and Fireplace Xtrordinair Wood, Gas, and Pellet stoves provides you with all the options you need to provide attractive, economical and safe heating for your home. Whether you want a zone heat source or you need to heat an entire house, we can help you select the model to meet your needs. Come on into our showroom and take a look at our floor models (many of which are burning) to find the right heating solution for your home.
Our best sellers include the Lopi Cape Cod – which is the cleanest burning wood stove on the planet.