Did you know that a high efficiency heat pump, in the end, may not only cost you nothing, but may actually make you a profit?
As discussed in our last article, heat pumps, compared to other energy fuel sources, can be as much as 75% less in true operation costs. For example, propane at $32/million BTU’s vs. a heat pump at $9/million BTU’s, certainly makes that clear. And right now, there are added incentives that most homeowners are not even aware of.
It starts by participating in the Central Electric Co-Op (CEC) Heat Pump program and the State’s Tax Credit program. Both incentives require the installation of a high efficiency heat pump, duct testing and sealing and the commissioning of the heat pump.
The CEC offers a cash discount of up to $800 rebate and the state, up to $740 in tax credits! In addition to this, the 2009 Federal Stimulus Package allows homeowners to claim tax credits equal to 30% of the installed costs (up to $1,500).
For people in Sunriver to La Pine heat pump rebates from Midstate Electric (MEC) have gone up to $1,900 for qualifying systems. Added with the Federal Tax Credit and the State Tax Credit you could be up to $5,640 in rebates and credits. Once the original investment has been paid back via the extra energy savings from the new, high efficient heat pump system, from then on the savings become a kind of “profit” to you.
In these economic times, I find it difficult to get a return on investment that is in the 10% to 20% or more categories. And coupled with the energy savings, CEC Rebate and State Tax Credits, it becomes easy to see how Going Green with a new, high efficiency heat pump system, can do just that! Ponderosa Heating is one of the few heating contractors trained and certified in the CEC and State programs. It is not hard to see that if you can dramatically cut the cost of heating by adding a high efficient heat pump, the savings will pay for the original investment and be a great Green investment for years to come, and don’t forget, with a heat pump you also get air conditioning!