Did you know there are incentives for switching to an energy efficient heating and cooling system? Companies like Vectren and Duke provide rebates on certain products that could lower your monthly bill and put some money back in your pocket.
If youâ€™ve been thinking about making the switch to geothermal, now is the time. Not only are rebates available for these units, the United States Internal Revenue Service (IRS) is offering a 30% tax credit on Geothermal heat pumps.
This credit ends December 31, 2016, so now is the time to make the switch for lower monthly costs and the most money back for making the switch.
Duke Energy Smart Saver
The money you receive back depends on the nature of the home improvement project. Money back ranges from $100 to about $460, depending on the project. The Smart Saver home improvement rebate includes: HVAC installations, insulate and seal for ductwork, insulate and seal for attics, variable-speed pool pump installations and heat pump water pump installations. Services and rebate amounts depend on availability and applicable.
Earning money back for new installations can be accomplished in three steps:
- Call Chapman, Your Participating Contractor
- Make Improvements
- Get Your Money
It’s really as simple as that. Three steps to upgrade your system, save on energy costs and receive money back in the mail. For more information and answers to some frequently asked questions, visit the Super Savers site. When you’re ready to take advantage of this rebate, give us a call and schedule your appointment.
Vectren Residential Rebates
If you use Vectren electric services, you may be eligible for residential rebates on new equipment purchases. Central air conditioning units, heat pumps, ductless heat pumps and other electric services could make you eligible for this rebate. Before you make any new purchases, consult your Chapman representative to make sure these rebates apply to you and your home.
Looking for more ways to save on energy costs this summer? Read more on how to stay cool and keep the energy bill low this summer.
Residential Renewable Energy Tax Credit
There are a few key things to know about the difference between a credit and a deduction. A Tax Credit may be claimed for spending money on the installation of a Qualified Geothermal Heat Pumpâ€ on a new or existing dwelling located in the United states and used as residence by a taxpayer.
To put it simply, you will receive 30% money back on a geothermal system you purchase and install for your home before December 31, 2016.
The other important thing to note is the classification of a â€˜Qualifiedâ€™ heat pump. To be classified as qualified, the system must:
- Use the ground or ground water as thermal energy source.
- Meet requirements of the Energy Star program
Time is running out to receive 30% back in tax credit for geothermal heat pumps. Now is the time to make the switch to a higher performing, energy efficient, green way to heat and cool your home all year long. Doing your part by switching to renewable energy options and low impact heating and cooling solutions goes a long way in saving you money and protecting our environment.
Take advantage of these helpful rebates and credits to help you make the smarter decision. Not all rebates are available in all cities and states. Contact a representative at Chapman to learn about your options and make the right decision for your home and future.
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