AMERICAN RESIDENTIAL SERVICES HIGHLIGHTS END-OF-YEAR TAX CREDITS FOR ENERGY-EFFICIENT HOME IMPROVEMENTS

The home services company shares potential ways to save with tax credits as part of the Inflation Reduction Act of 2022 (IRA).

MEMPHIS, Tenn., Dec. 4, 2023 /PRNewswire/ -- As the year draws to a close, American Residential Services (ARS/Rescue Rooter) a leading provider of HVAC and plumbing services, is emphasizing the benefits of the Inflation Reduction Act of 2022 (IRA) for homeowners looking to upgrade their homes with energy-efficient improvements. With the potential to save up to $3,200 on tax credits, ARS recommends that homeowners consider making these upgrades before year-end.

The IRA offers federal tax credits for eligible homeowners who invest in energy-efficient home improvements, including qualifying HVAC systems, heat pump water heaters, geothermal heating installations, and more. These credits, covering 30% of the upgrade costs up to a $3,200 cap, present a unique opportunity for homeowners to improve their home's energy efficiency while reducing their tax burden.

Homeowners are eligible for these tax credits every year, meaning the upgrades reset at the end of the calendar year. Upgrades made during the calendar year 2023 can be claimed when they file taxes next year. On January 1, 2024, the tax credit eligibility starts over. By acting soon, homeowners can still take advantage of savings this year. 

"Homeowners have a fantastic opportunity this year to enhance their comfort at home while being financially savvy," said Joseph Hark, Vice President of Field Operations at ARS. "With the IRA, not only can you make your home more energy efficient, but you can also potentially enjoy significant tax savings. It's like receiving a gift of comfort and savings all year round."

Eligible improvements under the IRA include:

• Heat pumps for heating and cooling
• High-efficiency AC/furnace units
• Biomass stoves
• Advanced main air circulating fans
• Heat pump water heaters
• High efficiency tank and tankless water heaters
• Insulation

ARS is committed to assisting homeowners in navigating the complexities of the IRA. ARS's team of comfort advisors is available to help homeowners understand which systems qualify for the tax credits and ensure installations are completed by the year-end, making them eligible for the 2023 tax credits.

"Understanding the IRA and its benefits can be challenging, but our team is equipped to provide the necessary guidance. While we're not licensed tax professionals and cannot provide tax advice, we can certainly help homeowners understand which equipment qualifies under the new law," Hark added. "ARS also recommends that homeowners consult with their tax advisor on eligibility for any tax credits."

As the end of the calendar year approaches, ARS encourages homeowners to invest in their comfort and peace of mind by upgrading to more energy-efficient systems. Not only does this improve home comfort, but it can also align with environmental sustainability efforts.

Homeowners interested in learning more about the IRA tax credits, eligible equipment, and how to take advantage of these year-end savings should contact their local ARS branch soon. Homeowners can also find additional information and an interview with Joseph Hark on ARS's website.

ABOUT AMERICAN RESIDENTIAL SERVICES (ARS/Rescue Rooter):
Based in Memphis, Tenn., privately-owned ARS/Rescue Rooter is one of the nation's largest providers of air conditioning, heating, electrical, energy-efficient, and plumbing services. Providing exceptional service, the ARS® Network serves both residential and light commercial customers by offering heating, cooling, indoor air quality, plumbing, drain cleaning, sewer line, radiant barrier, insulation, and ventilation services. Each location has a knowledgeable team of trained specialists who undergo rigorous training and background checks. Further, ARS/Rescue Rooter has longstanding strategic partnerships with industry-leading suppliers and retailers to efficiently service consumers. For more information and a complete list of our locations nationwide, visit ars.com.

SOURCE American Residential Services, LLC