Get Money Back on Your Taxes with Bioheat® Fuel

It’s that time of year again! Tax season. Homeowners across the state are collecting their paperwork and looking for ways to save. Did you know that you can qualify for tax credits for using Bioheat® fuel to heat your home or business in New York? Don’t miss out on the opportunity to get money back in your pocket with your 2022 tax return.

How to Receive a Tax Credit for Heating with Bioheat® Fuel

The state of New York offers a significant tax credit for homes and businesses that use Bioheat® fuel for space and water heating. You can get as much as 20 cents per gallon back as a tax credit! Use this checklist to see if you qualify for the tax credit:

  1. You live in New York State.

    Tax credits are available to residential homes in NY or businesses owned by residents.

  2. You use Bioheat® fuel for space heating and/or water heating.

    Bioheat® fuel must be used for space heating and/or water heating to qualify for the tax credit. Bioheat® fuel is a blend of traditional liquid heating fuel with renewable biodiesel that is compatible with existing fuel tanks, boilers, furnaces, and hot water heaters.

  3. The Bioheat® fuel you use has at least 6% biodiesel content.

    To qualify for the tax credit, the Bioheat® fuel used for space heating and/or water heating must have at least 6% biodiesel content. Most fuel providers in New York deliver this blend or higher, but it’s a good idea to double-check with your heating company to confirm the blend of Bioheat® fuel they deliver to you.

If you meet these three requirements, you’re good to go! Click here to read all of the details about the clean heating fuel credit in NY.

Upgrading Your Heating System? Save Even More in 2023.

If you’re thinking about upgrading your heating system to a new high-efficiency model that is compatible with Bioheat® fuel, you can earn a tax credit from the federal government, too! New heating systems placed in service after December 31, 2022, can qualify for a $600 tax credit if the equipment has a 2021 Energy Star rating (87 AFUE for oil boilers and 85 AFUE for furnaces) and be certified by the manufacturer to burn heating fuel blended with 20% biodiesel or renewable diesel fuel.

Click here to learn more about the $600 federal tax credit. Contact your fuel provider today with any questions about how you can qualify for Bioheat® fuel tax credits.

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