For most households, there usually seems to be a lengthy list of house tasks that they want to complete or new ideas they’d like to do. While a few may not be necessary, getting a new heat pump is a project that could be critical to keeping your indoor space comfortable during the cooler months in Hodgenville.
Getting a new heat pump is a sizeable investment. You’ll certainly see the return on investment on your indoor comfort in addition to your utility costs, 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 eligible 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 get the tax credit, you must buy a heat pump that has earned the ENERGY STAR label. When researching heat pumps, keep an eye out for types with the ENERGY STAR rating so you can be confident you’re choosing a high-efficiency heat pump.
At Phelps Heating & Cooling, Inc., we’ll help you find a solution that matches your needs and ensures you qualify for this tax credit. While ENERGY STAR products indicate 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
Qualifying for the tax credit will not be the only savings you’ll receive when you select a new high-efficiency heat pump. Many of the most efficient heat pumps can save you hundreds of dollars on your energy costs throughout the year. And you’ll also have greater confidence in your HVAC system to maintain your indoor space at just the right temp.
When you have questions about your eligibility for a tax credit, or if there are additional local savings you might be eligible for by purchasing a new high-efficiency heat pump, give our pros at Phelps Heating & Cooling, Inc. a call at 270-358-3167. You may also visit ENERGY STAR or call your local utility company if you have questions about other eligible home products.