New 2014 Oregon Heating and Cooling Tax Credits

Well it’s always nice to start out the new year with good news!

While the end of 2013 saw the sunset of the Federal Tax Credit offer for new HVAC system installations, the Oregon Department of Energy just released their 2014 offer which includes a 57% increase in what is available for high efficiency heat pump systems!

The primary incentives available for heating & cooling equipment this year will come in the form of a tax credit from the ODOE and as a rebate from the Energy Trust of Oregon.

Below is a chart summarizing the available 2014 ODOE tax credits based on HSPF (Heating Seasonal Performance Factor) and the Nomimal Cooling Capacity (size of the heat pump) for Air-Source Heat Pumps:

 

Nominal Cooling Capacity

HSPF

6,000 – 17,999 btu

18,000 – 29,999 btu

30,000+ btu

9

$273

$516

$759

9.5

$373

$716

$1,058

10

$467

$905

$1,343

11

$626

$1,223

$1,500

12

$760

$1,489

$1,500

13

$871

$1,500

$1,500

For comparison sake, the 2013 ODOE Air Source Heat Pump tax credit ranged from $450 – $645 and was dependent on an additional efficiency rating called EER (Energy Efficiency Ration).

So what does it all mean??

Simply put, it will be easier to qualify for more money!

Remember, tax credits, unlike deductions, are subtracted directly from your personal income tax liability. For example, if you complete your tax return and calculate that your tax liability is $2,000, a tax credit of $500 may reduce your tax liability to only $1,500. Be sure to check with your tax advisor to determine eligibility for and how to best take advantage of the tax credits.

But wait, I’ve saved the best news for last . . .  Specialty Heating & Cooling is the premier installer for
Carrier’s Greenspeed heat pump system. This system will nearly always qualify for the full $1,500 tax credit.  When combined with other rebates, you can save up to $2,550 or up to 17% on a new high efficiency Greenspeed system. And THEN you can save up to 50% on your monthly utility bills . . . now THAT’s starting to sound like a lot of saving!

To learn more, please contact us for a FREE In Home Consultation.  Our Sales Professionals are highly experienced, educated and proud of our “Non-Pushy Guarantee”!

Additinal Tax Credits & Rebates

Ductless Heat Pumps – ODOE Tax Credit

 

Nominal Cooling Capacity

HSPF

6,000 – 17,999 btu

18,000 – 29,999 btu

30,000+ btu

9

$350

$700

$1,040

10

$520

$1,040

$1,500

11

$700

$1,390

$1,500

12

$880

$1,500

$1,500

13

$1,050

$1,500

$1,500

14

$1,230

$1,500

$1,500

Gas Furnaces – ODOE Tax Credit

AFUE

Tax Credit

95-96.9%

$352

97%+

$492

Energy Trust of Oregon Rebate 

(check sent to home owner 6-8 weeks from submittal)

Air Source Heat Pump – 9.0 HSPF or greater

Upgrade from existing heat pump or non-electric heat (gas doesn’t qualify): $400 

Upgrade from electric heat (baseboard, wall heat, fan coil): $600 

Air Source Heat Pump – 9.5 HSPF or greater

Upgrade from existing heat pump or non-electric heat (gas doesn’t qualify): $650

Upgrade from electric heat (baseboard, wall heat, fan coil): $850

Ductless Mini-Split – $800

Must replace electric resistance heat in main living area.

Two indoor units per outdoor unit max.  Two outdoor units max.

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