Updated January 28, 2021
Thanks to offers from ComEd and the IRS, you can save now and save later when you install new high-efficiency heating and cooling equipment in your Fox River Valley home. You’ll need a qualified contractor to take full advantage, and Compass Heating and Air has you covered on all fronts.
In this article, we’ll outline two great offers that every homeowner in Barrington, East Dundee or any Fox River Valley town should know about. Put together, you can save up to or more than a thousand dollars on a new furnace, central air system, or mini split/heat pump system.
There’s only one catch if you can even call it that: The new equipment must meet energy efficiency requirements. But that works out even better for you in the long run.
High-efficiency uses less energy than other options. So, after you save a bundle on the installation, you’ll see lower bills every month after that.
Once again, we reached out to ComEd communication specialist Luz Bottecchia for the most up-to-date information. We heard from Chris Czarnecki, government relations manager for the Air Conditioner Contractors of America.
The ACCA championed the tax credits we’ll discuss. They were temporary last year, and Congress extended them for three more years starting in 2021.
But first, let’s start local.
ComEd offers rebates for many Energy Star-certified appliances. Their HVAC incentives include:
On top of these big-ticket items, you can also check out the ComEd Marketplace. There, you’ll find discounts and rebates on everything from smart thermostats to lighting, faucets, and showerheads, and even power strips.
And, check out more energy-saving tips here.
According to Bottechia, more than one million ComEd customers have taken advantage of these offers since 2008. In all, the program has saved homeowners more than $5 billion over the last 12 years.
And, those savings have been especially welcome over the last dozen months: ComEd noted a three-percent increase in residential use in 2020. That was due in large part to people being home more because of the pandemic.
But, that uptick was accompanied by a 4.9-percent decrease in system usage across the board.
“ComEd’s average residential customers’ bills will be lower this year than they were in 2008, in part because these successful energy efficiency programs have helped them use less energy,” said Boettechia.
You can apply online for the offers or mail in a copy of the application. To qualify, you must have the unit installed by a qualified service provider. We’ll get into that a little later.
Meanwhile, the models you choose have to meet specific efficiency requirements. You’ll notice “HSPF” and “SEER” next to the models.
The HSPF, or Heating Seasonal Performance Factor, tells you how much energy a heat pump uses to produce heat.
Seasonal Energy Efficiency Ratio, or SEER, measures how much energy your HVAC unit uses to provide air conditioning.
To qualify for the rebates, you must use a ComEd Energy Efficiency Service Provider. You can find a list of providers here. And, yes, Compass Heating and Air is on there.
The benefit of a certified provider, along with knowing the work gets done correctly, is having someone familiar with the process and qualifications.
Also, make sure the company you choose is certified by the brand you’ve purchased. Most brands require a certified tech to install the new equipment. Otherwise, they’ll void the warranty.
For the rebate itself, we’ll fill out an application and include invoices for every item installed. Mini splits, for instance, have two or more components, depending on the setup.
Congress extended the Non-business Energy Property Tax Credit in late 2020. You can now get up to $500 in tax credits when you install qualifying equipment in your home. The credits are now in place for at least three years, and the Air Conditioning Contractors Of America are lobbying to make it permanent.
“It benefits the consumers, and overall makes us less dependent on foreign energy sources,” explained Czarnecki.
It’s easy to qualify and claim the credit. First off, any Energy Star-certified furnace, central air system, or heat pump makes the cut. If you’re unsure, we’ll help you confirm it when you’re choosing your new system.
Now, this is a credit, not a rebate. That means however much you qualify for comes off what you owe. So let’s say Uncle Sam’s expecting $2,000 in taxes after you file. With a $500 credit, you’ll only owe $1,500.
And, if you owe less than $500 — say, $200 — in taxes, the rest is a rebate. Using that $200 number, you’d get $300 back with a $500 credit.
We threw a lot of numbers, quotes, and acronyms at you here. But, the bottom line is this: You can promote energy independence at home while saving money and staying comfortable. And, we can help you do it.
Call or email Compass Heating and Air for a free consultation when you’re ready to replace your old heating and cooling system. We’ll help you choose a new, energy-efficient HVAC system that will keep your home comfortable while saving you money.