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Can I receive a tax credit for my new heat pump?

For many homeowners, there typically seems to be a long list of home tasks that they need to achieve or new ideas they’d like to try. While a few may not be required, buying a new heat pump is an example of a project that could be vital to keeping your indoor space comfortable through the colder months in Litchfield Park.

Purchasing a new heat pump is a big investment. You’ll definitely see the return-on-investment on your indoor comfort along with your utility costs, but it may be a bit intimidating at first. The good news is that when you purchase a new energy-efficient heat pump, you may be qualified for a federal tax credit.

According to ENERGY STAR®, the Non-Business Energy Property Tax Credits were prolonged through December 31, 2020. In order to get the tax credit, you must select a heat pump that has earned the ENERGY STAR label. When shopping for heat pumps, look for solutions with the ENERGY STAR rating so you can be confident you’re getting a high-efficiency heat pump.

At Cooler Tymes LLC, we’ll help you pick a solution that fits your needs and makes sure you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you’ll need to confirm the heat pump you pick has the following requirements.

For Split Systems:

  • Heating Seasonal Performance Factor (HSPF): 8.5 or higher
  • Energy Efficiency Ratio (EER): 12.5 or higher
  • Seasonal Energy Efficiency Ratio (SEER): 15 or higher

 

For Package Systems:

  • HSPF: 8 or higher
  • EER: 12 or higher
  • SEER: 14 or higher

 

This tax credit is not going to be the only savings you’ll find when you buy a new high-efficiency heat pump. Several of the most efficient heat pumps can save you hundreds of dollars on your utility costs throughout the year. And you’ll also have higher confidence in your HVAC system to maintain your indoor space at just the right temp.

When you come across questions regarding your eligibility for a tax credit, or if there are other local savings you might be eligible for by purchasing a new high-efficiency heat pump, give our team at Cooler Tymes LLC a call at 623-208-6444. You can also visit ENERGY STAR or reach out to your local utility organization if you have questions about other eligible home products.

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