For a lot of families, there typically seems to be a long list of home projects that they would like to achieve or new ideas they’d like to try. While several may not be required, purchasing a new heat pump is an example of a job that could be critical to keeping your house comfortable during the cooler months in Portland.
Purchasing a new heat pump is a great investment. You’ll definitely realize the return on investment on your indoor comfort along with your energy bills, but it may be a tad daunting at first. The good news is that when you buy 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 purchase a heat pump that has earned the ENERGY STAR label. When browsing for heat pumps, watch for products with the ENERGY STAR rating so you can be sure you’re selecting a high-efficiency heat pump.
At Three Rivers Heating & Cooling, 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, it’s important 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
Qualifying for the tax credit will not be the only savings you’ll observe when you buy a new high-efficiency heat pump. Many of the most efficient models can save you hundreds of dollars on your utility costs during the year. And you’ll also have more confidence in your HVAC system to keep your house at just the right temp.
If you have questions concerning your eligibility for a tax credit, or if there are other local savings you may be eligible for by purchasing a new high-efficiency heat pump, give our experts at Three Rivers Heating & Cooling a call at 503-213-4433. You can also visit ENERGY STAR or reach out to your local utility establishment if you have questions about other eligible home products.