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

For most families, there usually seems to be a large list of house tasks that they would like to complete or new ideas they’d like to try. While several may not be necessities, buying a new heat pump is an example of a task that could be key to keeping your house comfortable during the cooler months in Payson.

Buying a new heat pump is a big investment. You’ll certainly recognize the return-on-investment on your indoor comfort in addition to your utility costs, but it might be a bit daunting at first. The good news is that when you pick a new energy-efficient heat pump, you might be approved 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 purchase a heat pump that has earned the ENERGY STAR label. When browsing for heat pumps, keep an eye out for products with the ENERGY STAR rating so you can be confident you’re choosing a high-efficiency heat pump.

At North Mechanical Heating and Cooling, we’ll help you choose a solution that matches your needs and makes sure you qualify for this tax credit. While ENERGY STAR products indicate 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 observe when you select a new high-efficiency heat pump. Many of the most efficient models can save you hundreds of dollars on your energy bills throughout the year. And you’ll also have more confidence in your HVAC system to help your home stay at just the right temp.

Whether you have questions concerning your eligibility for a tax credit, or if there are additional local savings you might be eligible for by getting a new high-efficiency heat pump, give our team at North Mechanical Heating and Cooling a call at 928-263-8570. You may 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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