Upgrade and Save
With today's residential air conditioning systems using about five percent of our country's total electricity output at a cost of over $11 billion, homeowners can help reduce this energy use by switching to high-efficiency systems. In fact, by upgrading to a variable speed heat pump, homeowners can save as much as 40 percent on energy costs. Utility companies are also offering rebates to homeowners who purchase and install high-efficiency appliances in their homes (visit www.DSIREUSA.org for energy efficiency programs in your state).
2011 Federal Tax Credits Available For Qualifying Residential Systems
On December 17, 2010, President Obama signed H.R. 4853, known as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which extends Federal tax credits on qualifying, high-efficiency HVAC equipment through December 31, 2011. Details about the changes include:
- The maximum homeowners may receive in tax credits for purchasing qualifying products, has been reduced from $1,500 to $500.
- The lifetime credit cap of $500 was reinstated. If you have claimed more than $500 in 25C tax credits since January 1, 2005, you are disqualified from any further credits.
- All furnaces and boilers, whether natural gas, propane or oil, must have an AFUE of 95 or above to be eligible for the credit.
- Geothermal system tax credits are unaffected by these changes and remain in place as is through December 13, 2016.
- The credit is no longer 30% of qualified residential energy property costs (including labor), but is now equal to an amount not to exceed:
For qualifying equipment, click here.
Additional Ways to Save
Installing a programmable thermostat can help homeowners save up to an average of $250 annually on heating and cooling costs.
Air conditioning systems equipped with Copeland Scroll UltraTech™ compressors, deliver 16+ SEER while also providing enhanced humidity control and more even temperatures for overall home comfort.
If considering a heat pump, look into one that features a Copeland Scroll variable speed compressor. It delivers up to 13 HSPF (Heating Seasonal Performance Factor), 29 percent greater efficiency than today's best heat pumps, saving homeowners nearly 40% annually on energy bills.