For many households, there typically seems to be a long list of home improvement to-do’s that they need to complete or new ideas they’d like to do. While several may not be necessary, purchasing a new heat pump is an example of a job that could be key to keeping your indoor space comfortable during the cooler months in Michigan City.
Purchasing a new heat pump is a sizeable investment. You’ll definitely recognize the return on investment on your indoor comfort along with your utility costs, but it may be a bit daunting at first. The good news is that when you select a new energy-efficient heat pump, you may 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 gotten the ENERGY STAR label. When browsing for heat pumps, keep an eye out for products with the ENERGY STAR rating so you can be sure you’re choosing a high-efficiency heat pump.
At Paniccia Heating & Cooling, our experts help you identify a solution that meets your needs and helps you qualify for this tax credit. While ENERGY STAR products signify high efficiency, you should 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 won’t be the only savings you’ll observe when you get a new high-efficiency heat pump. Many of the most efficient models can save you hundreds of dollars on your energy costs all year long. And you’ll also have greater confidence in your HVAC system to maintain your indoor space at just the right comfort level.
When you come across questions regarding your eligibility for a tax credit, or if there are other local savings you might be eligible for by installing a new high-efficiency heat pump, give our experts at Paniccia Heating & Cooling a call at 219-872-2198. You may also visit ENERGY STAR or contact your local utility establishment if you have questions about other eligible home products.