2012 Heat Pump Tax Credit Guide
If you aren’t taking a serious look at all the various the tax credits the Govt is offering on high efficiency, EnergyStar rated heating and cooling equipment for your home, you may be leaving a lot of money on the table. Not only in the form of the unused tax credit, but every month when you pay a higher utility cost than your neighbors.
In this Home Heating System Guide, we’re going to take a look at the future of the 2012 Heat Pump Tax Credits for high-efficiency units, and see exactly how much you can save comparing the cost of ownership and heat pump prices on several different units. As many may be aware, the Govt ended the EnergyStar tax credits at the end of 2011, so finding heat pump tax credits in 2012 is bit more of a challenge.
Summary of Heat Pump Tax Credits
The table below contains an overview of the 2012 heat pump tax credits for both air source heat pump systems as well as geothermal heat pumps.
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Tax Credits for Heat Pumps – 2012
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2011
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2012
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| Air Source Heat Pump Systems with that Meet the Minimum Requirements Below | $300 | N/A |
| HSPF +8.5 EER +12.5 SEER + 15 |
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| Geothermal Heat Pump Tax Credits for Systems that Meet the Following Requirements | 30% | 30% |
| (There is no upper limit to the amount of your tax credit. It is a direct 30% tax credit from the bottom line price you paid on the invoice.) | ||
| Closed Loop: 3.3 COP, 14.1 EER | ||
| Open Loop: 3.6 COP, 16.2 EER | ||
| Direct Exp.: 3.5 COP, 15.0 EER | ||
Added Benefits of High Efficiency Heat Pumps
While many homeowners are interested in the 2012 tax credits for heat pumps, they also realize that the real benefit to choosing an EnergyStar rated high-efficiency heat pump over standard unit, is the long-term savings and lower impact on our environment.
By choosing a moderately high-efficiency heat pump at 17 SEER cooling and 9.5 HSPF, you could save up to $600 per year over standard efficiency units. For a system that only cost you a few thousand dollars more at the time o purchase, you can hardly go wrong!
In addition to straight electric heat pumps, you may consider a Hybrid heat pump system, which combines the electric heat pump and a gas or oil furnace for even higher efficiency and flexibility.
State, Local Utility, and Manufacturer Incentives for Heat Pumps
Once you’ve decided to have a new heat pump installed to your home and realized that the heat pump tax credits may have expired, you will naturally look elsewhere for other ways to save.Use the tips below to find the best ways to save on a heat pump for your home in 2012.
- Check with your local electric utility company, they usually have great incentives for high-efficiency heat pump systems.
- For State or County heat pump incentives, check the Dsire database.
- Check with heat pump manufacturers for manufacturer rebates.
- Take advantage off no interest financing when needed.
- Always get at least 3-4 price quotes to get the best offer! (get free quotes now)
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