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

For most households, there usually seems to be a long list of house tasks that they would like to complete or new ideas they’d like to do. While a few may not be required, purchasing a new heat pump is a task that could be vital to keeping your house comfortable during the colder months in Crestview.

Purchasing a new heat pump is a big investment. You’ll definitely see the return-on-investment on your indoor comfort in addition to your monthly bills, but it may be a tad daunting at first. The good news is that when you buy a new energy-efficient heat pump, you may be eligible 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 obtain the tax credit, you must purchase a heat pump that has earned the ENERGY STAR label. When researching heat pumps, look for products with the ENERGY STAR rating so you can be certain you’re selecting a high-efficiency heat pump.

At Gordon Air Conditioning, our team will help you select a solution that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products designate high efficiency, you should confirm the heat pump you purchase 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 receive when you select a new high-efficiency heat pump. Many of the most efficient heat pumps can save you hundreds of dollars on your utility costs during the year. And you’ll also have higher confidence in your HVAC system to keep your house at just the right temp.

Whether you think of questions regarding your eligibility for a tax credit, or if there are further local savings you may be eligible for by installing a new high-efficiency heat pump, give our pros at Gordon Air Conditioning a call at 850-250-0335. You could also visit ENERGY STAR or call your local utility company if you have questions about other eligible home products.

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