Now that fall is here, and the temperatures are dropping, my thoughts turn to fireplaces. They take the chill from the air, but they also emit a calming ambiance to enjoy while sitting nearby with a good book. For the remainder of the year—until December 31st—you may also be entitled to a tax credit if you install an approved fireplace or insert. As a part of the economic stimulus plan, the federal government is offering a tax credit of 30% of the purchase price on approved items up to a maximum of $1500.
Yes, there are energy efficient wood-burning and gas-burning fireplaces that qualify, but you will need to do your homework before you purchase a new fireplace or insert. One way to prevent heat loss is to install glass doors for your fireplace. Most of the fireplace stores have the merchandise that does qualify clearly marked and the staff is familiar the rules and regulations for you to take advantage of the possible tax credit. When it’s frosty outside and you are watching a football game in front of an energy efficient fireplace, you will have the extra comfort of knowing you are also able to save yourself a few dollars.
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