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

For most families, there always seems to be a lengthy list of house projects that they want to achieve or new ideas they’d like to attempt. While some may not be necessary, buying a new heat pump is one job that could be vital to keeping your home comfortable throughout the colder months in Safford.

Buying a new heat pump is a large investment. You’ll definitely feel the return-on-investment on your indoor comfort in addition to your energy bills, but it might be a bit intimidating at first. The good news is that when you pick 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 gotten the ENERGY STAR label. When shopping for heat pumps, look for types with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency heat pump.

At B&D Air Conditioning, we’ll help you identify a solution that fits your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate 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

 

Taking advantage of this opportunity will not be the only savings you’ll find when you buy a new high-efficiency heat pump. Several of the most efficient solutions can save you hundreds of dollars on your energy costs during the year. And you’ll also have higher confidence in your HVAC system to help your home stay at just the right temperature.

When you have questions regarding your eligibility for a tax credit, or if there are additional local savings you may be eligible for by purchasing a new high-efficiency heat pump, give our experts at B&D Air Conditioning a call at 928-432-6018. You can also visit ENERGY STAR or reach out to your local utility establishment if you have questions about other eligible home products.

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