Last updated on January 5th, 2024 at 05:21 pm
This year, Snohomish County residents have two excellent opportunities to save on purchasing a new home heating system!
A federal tax credit allows U.S. consumers to save on taxes if they buy a highly efficient, residential biomass heating system, and a local credit program allows Snohomish County homeowners to save on replacing an inefficient older heating system with a more efficient gas, electric, pellet, or propane system. Read on to learn about your options and how to qualify.
The Federal Tax Credit For a Wood-Burning Stove
U.S. consumers buying highly efficient wood stoves and larger residential biomass heating systems this year will be able to claim a significant tax credit this year. In 2023, consumers can receive a 22% tax credit through Section 25D of the Internal Revenue Code.
The federal tax credit is uncapped. It’s based on the full cost of the unit, including installation. This is a great opportunity to save on purchasing your new wood-burning stove!
How to Qualify
To qualify for the federal tax credit, you must have purchased and/or installed a biomass-fueled heater between January 1, 2021, and December 31, 2023. Biomass products purchased and installed before 2021 do not qualify for this particular tax credit.
The product must have a thermal efficiency of at least 75% per the higher heating value (HHV) of the fuel. You can reference the EPA-certified wood heater database or reach out to the Four Day Fireplace team to find out which products qualify.
What If I Don’t Want a Wood-Burning Stove?
Good news for homeowners in Snohomish County! If you would prefer to replace your existing wood- or coal-burning unit with a more efficient home heating device, you can get a credit toward your replacement purchase through the Puget Sound Wood Stove Program (PSWSP).
Snohomish County residents who own their own property can qualify for a $1,500-$2,000 discount for replacing an inefficient, polluting device with a qualifying clean heating alternative.
How to Qualify
To qualify, you must remove and recycle an old wood stove, wood fireplace insert, or coal-burning device that either doesn’t meet the 2020 EPA standard or is uncertified. You are responsible for removing and transporting your old device to an approved recycling facility.
Eligible devices you can recycle in exchange for the PSWSP discount include:
- Wood stoves that are uncertified or don’t meet the 2020 EPA standard
- Fireplace inserts that are uncertified or don’t meet the 2020 EPA standard
- Free-standing manufactured fireplaces
- Wood-burning furnaces
- Coal-burning devices
Built-in, zero-clearance, and traditional brick fireplaces do not qualify for the discount program.
The credit you receive through PSWSP must go toward a replacement system that meets PSWSP-specific efficiency and/or emissions requirements. Homeowners can receive a $2,000 discount on a qualifying electric heat pump, $1,500 on a natural gas or propane furnace, and $1,500 on a pellet, natural gas, or propane boiler, stove, or insert.
An approved heating contractor must do the installation.
About Four Day Fireplace
Four Day Fireplace sells and installs a wide range of fire feature products. We can help you find options that work well in your home and meet either the federal tax credit or PSWSP discount eligibility requirements.