A new year has begun, and with it, there are some updates to tax credits for heating & cooling products. The Oregon Residential Energy Tax Credit program has a couple changes to talk about, and Federal tax credits have reappeared for HVAC products in 2016.
Beginning with the Oregon state program, the Oregon Department of Energy has kept the gas furnace tax credit the same as 2015. The credit ranges from $352 for furnaces between 95% and 96.9% efficiency to $492 for furnaces 97% efficient or greater. The program also requires that these furnaces have a high efficiency, electronically communicated motor (ECM). The state tax credit for standard, air source heat pumps ranges between $800 and $1,125 depending on efficiency. The ductless heat pump credit is either $1,200 or $1,300 depending on efficiency. Here is a link to the complete list of 2016 Oregon Residential Energy Tax Credits.
The Federal tax credits for HVAC products have returned for 2016. For gas furnaces with an efficiency rating of 95% or greater, the credit is $150. If the furnace is also equipped with a high efficiency ECM fan, then there is an additional $50 credit. Certain air source heat pumps also qualify for a $300 Federal tax credit. Here is a link to more information on the Federal tax credits.
In addition to these listed tax credits, there are also some great incentives from local utilities. If you would like to see if you can take advantage of any of these incentives and tax credits, and have a brand new, reliable comfort system installed in your home, contact us to set up a no cost comfort consultation.