If you Purchased a Woodstock Soapstone Wood Stove between January 2019 & December 2020 a $300 Tax Credit is Still Available
In answer to the many questions about the new tax credit and cut-off dates, we want to note that qualifying wood stove purchases AND installations conducted from January 1st of 2019 to December 31st of 2020 are still eligible for the $300 Federal Tax Credit, which was in place during this timeframe. ALL Woodstock Soapstone wood stoves shipped in 2019 and 2020 are eligible for this Tax Credit! Click here for more information about this $300 Tax Credit.
The new 26% Federal Tax Credit now in effect is only for wood stoves purchased and installed after January 1st, 2021, with a lesser 22% for purchases in 2023. As we noted in the previous blog post, this new Tax Credit was signed into law December 20, 2020 and only stoves that passed the EPA 2020 certification AND tested at 75% or greater HHV efficiency using the EPA test method will qualify.
Please remember that both the 2019-2020 $300 Tax Credit and the new 26% Tax Credit are tax Credits - you have to be paying taxes for the credit to have value.
Additional Savings on Wood Stoves for Vermont Homeowners
An Efficiency Vermont partnership has also established another incentive for Vermont homeowners to purchase clean, high efficiency wood stoves. Professionally installed, qualifying high efficiency wood stove purchases are eligible for a $500 rebate at the point of sale, with a larger $600 rebate if an existing wood stove is removed and destroyed at the time of installation. Vermonters are now in he enviable position of being able to get a $500 State Rebate on the purchase and installation of a high efficiency performance wood stove, an a 26% Federal Tax Credit on the remaining cost. Read more about the $500-$600 Vermont Rebate here.
Wood Heat Recognized as a Green Energy Source
In our previous blog post, we talked about the new 26% Federal Tax Credit that applies to wood stoves meeting 2020 EPA standards and exceeding a 75% HHV efficiency rating. This substantial Federal Tax Credit puts residential wood heat on par with solar, geothermal and wind energy, all of which have received similar federal tax credits as clean, renewable sources of energy.
Woodstock Soapstone Company has always been focused on clean burning and high efficiency. We introduced the first hybrid wood stove in America (Progress Hybrid) 10 years ago, and followed that by introducing new hybrid designs in 2013 (Ideal Steel Hybrid), 2015 (Absolute Steel Hybrid), and 2017 (Navajo and Survival Hybrids). We are delighted that the federal government recognizes residential wood heating as a clean, renewable source of energy.