Tax Credit for stove and refrigerator

[erchess]

Long time clients who are very good about consulting me before any significant financial move are going to buy in the next couple of weeks a new stove for sure and a new refrigerator depending on how much they end up spending on the stove and how much tax credit if any either purchase will get them. I've researched the topic and come to the following conclusions that I'd like people to agree or disagree with.

1. There are tax credits for manufacturers who produce energy efficient appliances but these credits are for the companies not the consumers.

2. The residential energy credit would come into play if the stove burned biomass but not for any other kind of stove. (Just in case it matters the stove to be bought will have electric warming and main ovens and a propane top. Natural gas is not available where they live.)

3. There's no credit in recent years for the buyer of a refrigerator.

[gboykin]

You are correct sir.

[Gary2]

Some local electric utility companies offer rebates for buying highly rated appliances. It's not a tax item, so have them contact their electric company or possibly the appliance store.

As for biomass stoves, those are generally stoves used for heat (wood or wood pellet), not cooking stoves. The previous owners of our home had a wood stove in the basement, along with electric baseboard. After a year or two of fun feeding it logs (back when we were young, strong, and liked novelties), we replaced it with oil heat. But if we had wanted to keep that approach, it would be an energy efficient pellet stove today.

[kpangelinan]

Some local electric utility companies offer rebates for buying highly rated appliances. It's not a tax item, so have them contact their electric company or possibly the appliance store.

As for biomass stoves, those are generally stoves used for heat (wood or wood pellet), not cooking stoves. The previous owners of our home had a wood stove in the basement, along with electric baseboard. After a year or two of fun feeding it logs (back when we were young, strong, and liked novelties), we replaced it with oil heat. But if we had wanted to keep that approach, it would be an energy efficient pellet stove today.

I'd concur on the stove issue...it needs to be their main heating system as well, not a supplemental system from the research I've done in the past.

[iratax]

Some states have credits for appliances.