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

For most households, there always seems to be a long list of home improvement projects that they would like to complete or new ideas they’d like to do. While some may not be necessities, buying a new heat pump is one task that could be vital to keeping your house comfortable through the colder months in Crestview.

Purchasing a new heat pump is a big investment. You’ll definitely notice the return-on-investment on your indoor comfort in addition to your monthly bills, but it may be a tad intimidating at first. The good news is that when you buy 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 extended through December 31, 2020. In order to obtain the tax credit, you must buy a heat pump that has earned the ENERGY STAR label. When shopping for 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, we’ll help you identify a solution that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products designate high efficiency, you’ll need to 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 models can save you hundreds of dollars on your utility costs during the year. And your household will also have higher confidence in your HVAC system to help your home stay at just the right temperature.

If you think of questions about your eligibility for a tax credit, or if there are further local savings you might be eligible for by purchasing a new high-efficiency heat pump, give our pros at Gordon Air Conditioning a call at 850-682-5509. You could also visit ENERGY STAR or contact your local utility company if you have questions about other eligible home products.

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