PAYING FOR A HEAT PUMP
You’re ready to purchase your heat pump, now what? Your contractor may offer financing to help make the purchase more affordable. Be sure to take advantage of tax credits, rebates, and incentives available for homeowners. Efficiency ratings determine incentives. While researching heat pump options, keep an eye out for the equipment’s efficiency ratings. These
Some electric utilities offer special rates for space heating. Contact your local electric utility to find out if they offer special rates if you heat your home with electricity.
will be displayed as SEER, HSPF, EER, and COP. SEER2, HSPF2, and EER2 are updated ratings meant to better reflect the efficiency of installed equipment and will eventually replace the older ratings. These ratings can often be confusing. The most important thing to understand is the higher the rating, the more energy efficient the equipment. Also, many rebates and tax credits specify minimum efficiency values a heat pump must meet to be eligible. While lower efficiency ratings may be less expensive up front, a higher rating will save you money and energy over the lifetime of the equipment and help you earn important rebates and tax credits.
FIGURE 6 Energy Efficiency Ratings for Heat Pumps
Cold Climate Coefficient of Performance at 5°F (COP)
Seasonal Energy Efficiency Ratio (SEER2)
Heating Season Performance Factor (HSPF2)
Energy Efficiency Ratio (EER2)
Ducted Air Source Heat Pump Ductless Air Source Heat Pump
Look for SEER2 ratings above 15.2
Look for HSPF2 ratings above 8.1
Look for EER2 ratings above 10
Look for ratings above 1.75
Look for SEER2 ratings above 16
Look for HSPF2 ratings above 9.5
Look for EER2 ratings above 9
Look for ratings above 1.75
Focus on Energy. Focus on Energy offers a wide variety of rebates to support energy efficiency upgrades for Wisconsinites. Those rebates can help you save energy and money. Learn about all the different rebates Focus offers at focusonenergy.com/residential . Visit the Heating and Cooling page to view the different efficiency ratings required for rebates. Home Energy Efficiency Tax Credits & Federal Rebates. As part of the Inflation Reduction Act, consumers may be able to take advantage of tax credits to make their homes more energy efficient. A qualifying heat pump used for space heating may be eligible for tax credits of 30% of installed cost, up to $2,000. You can refer to ENERGY STAR or the IRS Home Energy Credits for more details on the air source heat pump tax credit. More information on rebates offered through federal Home Energy Rebate Programs will be available once the state has received guidance and approval from the Department of Energy. These Home Energy Rebate Programs are expected to be available in summer of 2024.
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ELECTRIC HEAT PUMP CUSTOMER BUYING AND OPERATION GUIDE FOR SINGLE-FAMILY HOMES
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