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

For many homeowners, there usually seems to be a large list of house to-do’s that they need to complete or new ideas they’d like to do. While several may not be necessities, buying a new heat pump is one task that could be critical to keeping your indoor space comfortable during the cooler months in Lake Worth.

Selecting a new heat pump is a sizeable investment. You’ll definitely realize the return-on-investment on your indoor comfort along with your monthly bills, but it might be a tad daunting at first. The good news is that when you purchase a new energy-efficient heat pump, you might 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 select a heat pump that has received the ENERGY STAR label. When browsing for heat pumps, keep an eye out for types with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency heat pump.

At Smyth Air Conditioning Inc, we’ll help you choose a solution that meets 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 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 receive when you purchase a new high-efficiency heat pump. Many of the most efficient models can save you hundreds of dollars on your energy costs throughout the year. And the family will also have higher confidence in your HVAC system to maintain your indoor space at just the right temp.

If you think of questions about 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 Smyth Air Conditioning Inc a call at 561-533-6066 . You may also visit ENERGY STAR or contact your local utility organization if you have questions about other eligible home products.

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