How to Get Tax Credits on Your Heating Fuel in NY
March is here, and with the third month of the year come many events and milestones that residents in the Oxford, Greene, and Sherburne, NY area have come to expect. The official start of spring, college basketball playoffs, St. Patrick’s Day… and tax time! If you’re gearing up to file your taxes in the coming weeks, it’s important that you know about all the potential savings that are available to you as a Bioheat® fuel user here in Upstate New York. For example, were you aware that you can earn a tax credit for using Bioheat® fuel for space heating or water heating in your home? In this blog post, we’ll tell you how, and share some other ways you can save big using Bioheat® fuel!
About the NY Clean Heating Fuel Credit
Who is eligible for the tax credit?
Anyone who purchased Bioheat® fuel for space heating or hot water production for residential purposes within New York State is eligible to receive a tax credit.
How much is the tax credit?
That depends on what blend of Bioheat® fuel you receive. For example, here at Blueox Energy, we proudly deliver B10 Bioheat® fuel, which is 10% Bioheat® fuel blended with 90% traditional heating oil. The credit is equal to one cent for each percent of biodiesel per gallon of Bioheat® fuel.
Think about it this way: If you’re a Blueox Energy customer who orders 250 gallons of Bioheat® fuel that is 10% biodiesel (B10), the amount of credit allowed on the purchase is $25.00 ($0.10 X 250 gallons = $25.00).
Other Ways to Save on Bioheat® Fuel Investments
Beyond the value of the NY Clean Heating Fuel Credit, there are many other ways homeowners in New York can save on Bioheat® fuel investments. Currently, the Upgrade & Save—Upstate New York Energy Efficiency and Safety Rebate is offering homeowners up to $2,000 back for installing new, higher-efficiency oil-fired furnaces or boilers, and/or a new aboveground oil storage tank. Our team at Blueox Energy knows that investing in new heating equipment can be a daunting task, which is why we want to make sure that you’re aware of all the ways you can save money on your upgrades.
Boilers & Furnaces:
Up to $900 for the replacement/upgrade of an existing oil-fired boiler or furnace.
Fuel Storage Tanks:
Up to $500 for the installation of a new aboveground oil storage tank.
Additional Tax Credits:
Add an additional $600 federal tax credit on qualifying equipment.
Related Post: Signs You Need a New Heating System in NY
Ready to Order Bioheat® Fuel or Upgrade Your Heating System? Get in Touch!
The team at Blueox Energy is proud to be Upstate New York’s trusted choice for professional Bioheat® fuel delivery, heating system installations, fuel payment plans, and so much more. We’re incredibly thankful to be your home comfort provider, and we want to do everything we can to help ensure you get the savings you deserve. If you have questions about the NY Clean Fuel Tax Credit or statewide rebate programs, please contact us! And don’t forget, we’re ready to bring you the Bioheat® fuel you need or provide an estimate for your heating system upgrade.