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Ground Source Heat Pump Incentive Details
Energize CT Ground Source Heat Pump Rebate
The Energize CT ground source heat pumps rebate program provides Connecticut residents with financial incentives to install qualifying ground source heat pumps in their homes. The program offers rebates of up to $15,000 for eligible heat pump installations. This incentive is available for a limited duration, specifically from January 1, 2023, to December 31, 2023. Ground source heat pumps are highly efficient heating and cooling systems that utilize the stable temperature of the ground to provide year-round comfort. These systems can significantly reduce energy consumption and lower utility bills. However, they often come with a higher initial cost compared to traditional heating and cooling systems. The Energize CT rebate aims to offset a portion of this cost, making ground source heat pumps more affordable for Connecticut residents.
Ground Source Heat Pump Rebates are available to residential electric service customers. All customers of Eversource or UI can participate. The rebate is per ton of conditioning capacity of the device. Tonnage is based on Air Conditioning, Heating, and Refrigeration Institute (AHRI) cooling capacity. (1 ton = 12,000 BTUs). Tonnage is calculated by dividing AHRI cooling capacity by ton and rounding to two decimal places
To participate in the rebate program, residents need to ensure their equipment meets the program’s requirements. The heat pump must be ENERGY STAR certified and must meet the minimum efficiency criteria specified on the rebate form. The program uses the Air Conditioning, Heating, and Refrigeration Institute (AHRI) cooling capacity to determine the tonnage of the heat pump. The tonnage calculation involves dividing the AHRI cooling capacity by 12,000 (1 ton = 12,000 BTUs) and rounding the result to two decimal places. This calculation ensures an accurate measurement of the heat pump’s cooling capacity.
The Inflation Reduction Act’s Section 25D tax credit provides homeowners with a 30% non-refundable tax credit for installing a geothermal or ground-source heat pump in their primary residence or second home. Unlike a tax deduction, this credit directly reduces the amount of taxes owed and can be applied to offset any tax liability.
To be eligible for this credit, the installation must meet specific requirements outlined in the tax code, and the homeowner must have sufficient tax liability. Additionally, this tax credit can be combined with other national, state, and local funding opportunities to further lower energy costs. It can also be stacked with other rebates, resulting in additional savings.
It is important to note that while the 25D tax credit can help reduce long-term energy costs, it does not reduce the upfront costs of installation. Furthermore, renters may not be eligible for this specific tax credit.
Ground source heat pumps, also known as geothermal heat pumps, are a highly efficient heating and cooling system for homes in Connecticut. These systems offer several benefits over other types of heating and cooling systems, especially when paired with Energize CT’s incentives and rebates. Here are some of the benefits of acquiring ground source heat pumps for Connecticut homeowners:
- Energy Efficiency: Ground source heat pumps are much more energy-efficient than other types of heating and cooling systems. They can help homeowners reduce their energy bills by up to 70% or more.
- Cost Savings: Ground source heat pumps can be much cheaper to operate than other types of heating and cooling systems. This can result in significant cost savings over time for homeowners who use ground source heat pumps.
- Environmental Friendliness: Ground source heat pumps produce fewer greenhouse gas emissions compared to other types of heating and cooling systems. This can result in a reduced carbon footprint for homeowners.
- Quiet Operation: Ground source heat pumps operate quietly compared to other types of heating and cooling systems, making them a great choice for homeowners who value peace and quiet.
- Increased Home Value: Homes with energy-efficient appliances, such as ground source heat pumps, can have a higher resale value compared to homes with less efficient appliances.
Energize CT incentives can help offset the initial cost of the system and provide even greater savings over time.
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Costs & Savings
$17000 - $0
$25000 - $0
25 - 0
The average initial cost of a ground source heat pump installation typically ranges from $17000 to $35,000. While this may seem high, it’s important to consider the long-term savings and benefits. On average, homeowners can expect to save between $25,000 and $50,000 over the lifespan of the system, which typically ranges from 25 to 50 years. These savings are achieved through reduced energy consumption and lower operating costs.
The lifetime savings of a geothermal ground source heat pump can vary depending on factors such as the size of the home, the size of the geothermal system, and energy prices in the area. However, in general, geothermal heating is significantly more efficient than traditional heating systems, which can result in significant energy savings over the lifespan of the system.
According to the US Department of Energy, homeowners can expect to save between 30% to 60% on their energy bills with a geothermal system. Over the lifespan of a geothermal system, which can be 20 to 50 years, these savings can add up to tens of thousands of dollars or more, depending on the specific circumstances.
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A "Home Energy Solutions" Energy Audit is Your Best First Step.
Looking to maximize your Ground Source Heat Pump incentive/rebate and achieve optimal energy savings for your home? Look no further than a comprehensive Home Energy Solutions (H.E.S.) audit. By identifying areas of energy waste and recommending upgrades to enhance efficiency, a HES assessment is the logical first step in your energy savings journey. Plus, with the HES Score you receive, you'll be able to qualify for the best incentives available. Don't miss out on the opportunity to save energy and money - schedule your HES audit today and start your journey towards a more efficient home.
H.E.S. only costs you $50 out-of-pocket. It could be free-of charge if you qualify for Home Energy Solutions Income-Eligible (H.E.S.-IE).