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

For a lot of households, there typically seems to be a large list of house projects that they would like to achieve or new ideas they’d like to try. While several may not be necessities, getting a new heat pump is an example of a project that could be critical to keeping your home comfortable through the cooler months in Muskogee.

Selecting a new heat pump is a great investment. You’ll absolutely recognize the return-on-investment on your indoor comfort as well as your utility costs, but it could be a little intimidating at first. The good news is that when you purchase 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 pushed through December 31, 2020. In order to receive the tax credit, you must select a heat pump that has received the ENERGY STAR label. When researching heat pumps, watch for types with the ENERGY STAR rating so you can be certain you’re choosing a high-efficiency heat pump.

At Hix Air Conditioning Service, Inc., our experts help you choose a solution that meets your needs and helps you qualify for this tax credit. While ENERGY STAR products designate high efficiency, it’s important to confirm the heat pump you select 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 buy a new high-efficiency heat pump. Many of the most efficient solutions can save you hundreds of dollars on your utility costs during the year. And the family will also have higher confidence in your HVAC system to help your home stay at just the right temp.

When you come across questions about your eligibility for a tax credit, or if there are additional local savings you may be eligible for by installing a new high-efficiency heat pump, give our pros at Hix Air Conditioning Service, Inc. a call at 918-682-8238. You may also visit ENERGY STAR or call your local utility company if you have questions about other eligible home products.

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