As an Oregon homeowner, did you know that there are both tax credits and cash rebates available to you for high-efficiency heating and cooling installations? Let’s go over what is available.
Energy Trust Incentives
The Energy Trust of Oregon, a nonprofit dedicated to helping Oregonians benefit from saving energy, offers cash rebates for installing high-efficiency heat pumps, furnaces, and boilers. For qualifying heat pump installations, you could get up to $450 for your heat pump, $150 for heat pump optimization, $435 for duct testing and sealing, plus a $300 bonus for doing all of that – that’s $1,335.
Federal Energy Tax Credits
If you purchase a qualifying heating and cooling system before December 31, 2010, you may qualify for a tax credit of 30% of the total purchase price up to $1,500. Green solutions like geothermal, solar and wind may qualify for a tax credit equal to 30% of the total purchase price with no cap. Check www.irs.gov for complete details.
Oregon Residential Energy Tax Credit
If you install a high-efficiency central air conditioner, heat pump, furnace, boiler, or air handler, you may qualify you for an Oregon Residential Energy tax credit. The tax credit is calculated based on the amount of energy saved above standard models, and equals either the amount listed on the unit or 25% of the net purchase price. As of August 2010, you must deduct any Federal tax credits and Energy Trust incentives before calculating your Oregon Tax Credit. Also, you must have a tax liability to use this credit.
With the proper installation of a high-efficiency system, not only will you see an immediate return on your investment in the form of cash and tax credits, you’ll be spending less on your energy bill for years to come.