New 30% Tax Credit for Wood Burning Appliances in 2023
The Inflation Reduction Act (IRA), which was signed into law by President Biden on August 16, 2022, is a game-changer for anyone who wants to switch to renewable biomass fuels such as wood pellets, wood chips or cord wood.
The IRA offers a whopping 30% tax credit for consumers who buy and install highly efficient biomass heating products that run at least 75% efficiency and meet EPA standards .
Here are a list of qualifying products that we currently sell:
| Model | Manufacturer |
|---|---|
| Vermont Castings Defiant 1975-CAT-C | Hearth and Home Technologies |
| 21M-ACC-C, Discovery-1-C | Hearth and Home Technologies |
| NOVA 2 | MF Fire |
| Vermont Castings Aspen C3 | Hearth and Home Technologies |
| Vermont Castings Encore 2040-CAT-C | Hearth and Home Technologies |
| Vermont Castings Intrepid FlexBurn 2115-CAT | Hearth and Home Technologies |
| Vermont Castings Dauntless FlexBurn Model | Hearth and Home Technologies |
| Vermont Castings Dauntless Flexburn Catalytic Model | Hearth and Home Technologies |
| 2.1 Series (Matrix, Matrix 1900, 2000 Woodstove, 2000 Wood Insert, Inspire 2000, Archway 1500) | Stove Builder International, Inc. |
The tax credit is capped at $2,000 per year and has no lifetime limit. That means you can claim it for multiple years and multiple properties. It covers the full cost of purchase and installation of the qualifying products. And it applies to both primary and secondary residences. So whether you want to heat your cabin in the woods or your condo in the city, you can take advantage of this amazing deal .
Biomass heating products are not only good for your wallet, but also for your planet. They use renewable and locally sourced fuels that reduce greenhouse gas emissions and support local economies and jobs. Plus, they look awesome and make your home feel cozy and inviting.
To claim the tax credit, you will need to have a manufacturer certification statement that proves that the product qualifies for the credit. You can also check the EPA certified wood heater database to see if the product meets the efficiency and emission requirements.