There’s good news for homeowners who added a biomass stove in 2015 or plan to add one in 2016: The government has extended its biomass stove credit through Dec. 31, 2016. With the extension, homeowners who installed or install biomass stoves between Jan. 1, 2015, and Dec. 31, 2016, will be eligible for a 10 percent tax credit up to $300.
What types of heating stoves qualify for the biomass stove tax credit?
The government categorizes biomass stoves as any heating stove that burns wood. That means that the tax credit can be used either for pellet- or wood-burning stove. The credit applies to both freestanding stoves and fireplace inserts, as long as they have a 75 percent or greater efficiency rating. However, the credit applies only to primary residences, not to vacation homes. Homeowners looking to take advantage of the credit claim their purchase on their annual tax forms. That means homeowners who purchased a stove last year can file for the credit on this year’s tax forms, if they have not yet been filed! When the biomass stove is purchased, the homeowner will receive a manufacturer’s certification for their tax records.
Why should you consider a biomass stove?
If you’re looking to supplement your home’s heating source and lower your annual energy bills, you should be considering installing a biomass stove! Biomass stoves are incredibly efficient: A stove purchased under the tax credit guidelines would return 75 percent of the fire’s energy to your home as heat. Compare that to a traditional open-hearth fireplace, which returns only 10 percent of the fire’s heat to your home. Additionally, because the stoves burn so efficiently, they release less smoke and particulate matter into your neighborhood and the environment.
Biomass stoves comes with the added advantage of being very low cost to fuel. If you purchase a wood-burning stove and you’re willing and able to chop and store your own firewood, you have a virtually free source of heat! The only cost are your tools and labor. Even if you choose to purchase your firewood, wood remains one of the cheapest sources of heat. While wood pellets generally are a little more expensive than wood (especially if you’re cutting your own), fueling a pellet stove still will save you money on your home-heating costs. Pellets are easy to store and easy to find. They can be purchased in 40 pound bags at most home improvement and big-box stores.
If you’re concerned about the environmental impact of heating your home, a biomass stove likely is the choice for you! Environmentalists tout biomass stoves as being among the most green choices for home heating. Biomass stoves are fueled by a renewable resource. Additionally, biomass stoves are considered carbon neutral, as the wood used to fuel the stoves would have created the same amount of carbon emissions if it had decomposed naturally or been burned in a stove.
How do you choose a biomass stove?
If you think a biomass stove might be right for your home and you’d like to take advantage of the tax credit, call the experts at FireSide Hearth & Home! We’ll walk you through your options of eligible biomass stoves.
