When you have an older home, it may feel like your house is a “money pit.” But that’s not necessarily true. There may be tax credits, and some utilities even offer rebates when purchasing energy-efficient equipment or recycling your older appliances. It may take some time, but a little research can save you a lot of money. Here, we’ll show you some information on tax credits and rebates, how to search for information, and what to ask for when getting a quote.
Why Choose Energy-Efficient Equipment?
Typically, heating and cooling system upgrades will pay off in the long run. Some homes built 15 years ago may have a heating and cooling system that is about 80% efficient. While that may have been good 15 years ago, you have been paying for a 20% loss each month.
You may receive a quote for a new system that is, say, 97% efficient, which will cost you an initial investment now. However, you may then qualify for some tax credits for your new energy-efficient equipment. Your gas or electric utility company may also offer rebates for the purchase of new HVAC systems, new kitchen, or laundry appliances, and may even offer rebates for recycling your old appliances through them.
How Much is Available in Tax Credits and Rebates?
When you buy a heating or cooling system that is 97% efficient or better, you may be eligible for the tax credits in Pennsylvania. If you qualify for both a heating and cooling system, you may receive around a $1,200 tax credit ($600 each). Don’t forget about the rebates: UGI Utilities is offering around $500, and PPL is around $200. Now, if you upgrade to a smart thermostat, UGI will give you another rebate of $50. Not only is this a significant number of credits and rebates, but keep in mind the money you will also save on your future bills.
These tax credits and rebates are subject to change at any time and may have certain restrictions, so do your research before making your final purchase.
How to Research and Ask Questions
First, search on your local utility and see what rebates they offer, and then go to your state to see what tax credits are available. Do your research before making any purchases so you know if the company will be submitting the rebates for you or if you will be responsible for taking care of this task. Some companies will submit them on your behalf. Below are some helpful links for residents of Pennsylvania.
Dept PA Gov Energy Financial Incentives
UGI Utility Gas Furnace Rebate Information