26% Federal Tax Credit on Qualifying Wood and Pellet Burning Appliances
Now is the best time to purchase a high efficiency wood or pellet burning stove or insert. You’ll save 26% not only on the cost of the Stove but the Materials, and Installation Labor as well.
Tax credit applies to the purchase of all qualifying biomass-fueled heaters on installations completed prior to December 31, 2023. Qualifying products include 2020 EPA certified wood stoves or inserts with a listed efficiency of 75% or better.
Any qualifying product ordered in 2020, but not installed and paid for until 2021, qualifies for the new credit under Section 25(D) on a 2021 tax return. Products may be claimed on the tax return year in which the purchase and installation is completed.
The new tax credit is 26% of the purchase and installation costs, including labor, for tax years 2021 and 2022 & 22% for 2023. (no cap or lifetime limit).