Fireplaces Boost Home Value & Offer Incentives

Having a fireplace in your home is a definite advantage. Not only does it warm you up on cold days, it can also help you save on heating costs, if used properly. And did you know there are other very attractive benefits? A fireplace increases the value of your home. And in some Canadian provinces and U.S. States, you can get financial incentives when you buy certain energy-efficient appliances. If you’re still not convinced, read on to find out all about these benefits.

A fireplace: a great selling point

Patricia Deguara, a certified real estate broker for RE/MAX Fortin Delage in Quebec City, is absolutely certain of this. “A fireplace boosts the value of your home. It’s often one of the top amenities homebuyers look for because it adds an element of warmth and coziness,, along with a certain prestige,” she explains. “It’s definitely one of the most impressive features of a home.

Personal preferences vary. Some want a wood or a gas fireplace, while others are looking for a wood-burning stove for their basement.

Financial incentives

Have you heard of the Réno-Vert program? This Québec tax credit allows you to recoup 20% of your eco-friendly home renovation costs. To qualify, you need to spend between $2,501 and $10,000.

Recognized eco-friendly renovation work includes the replacement of an indoor wood-burning system or appliance with one that complies with the CSA-B415 standard or the 40 CFR Part 60, Subpart AAA of the Environmental Protection Agency (EPA). Many other products qualify as well, including indoor pellet-burning appliances and  the installation of solar thermal panels that meet specific standards. You can also replace an oil-fired heating system with a propane or natural gas system, although the new systems must conform to specific standard.

The Réno-Vert program, originally set up in 2016, was extended in early 2017. Homeowners now-have until March 31, 2018 to contract the work and until January 1, 2019 to pay all the expenses covered in the contract.

In British Columbia, FortisBC offer a $300 rebate if you buy qualified EnerChoice natural gas fireplaces. Some conditions apply: you must be a FortisBC residential natural gas customer, and your application must be postmarked within 60 days of the purchase date.

In Oregon, homeowners can apply for a tax credit when they buy energy-efficient direct-vent gas fireplaces. The Residential Energy Tax Credit (RETC) is valued at 50% of the cost of the appliance or $1,500, whichever is less. The gas fireplace must have a P-4 EnerGuide efficiency rating of at least 70%.

To qualify for this tax credit, your appliance must be purchased by December 31^st, 2017 and operational by April 1^st, 2018. The Oregon Department of Energy (ODOE) must receive your application no later than June 1^st, 2018.

If you’re interested in these kinds of incentives, keep an eye on our website. We’ll gradually be adding information about other credits to make it easier to add even more warmth to your home!