Are you looking to save money on your energy bills and reduce your carbon footprint? A geothermal heat pump water heater could be the perfect solution. But did you know that there are potential tax incentives to installing one in Australia?
A geothermal heat pump water heater works by extracting heat from the surrounding soil or water to heat your hot water. This makes it more energy-efficient and cost-effective than traditional electric, gas, or oil-fired hot water systems. Not only will you save on your energy bills, but you could also benefit from some tax incentives too.
The Australian government has a number of different tax incentives for those looking to install a geothermal heat pump water heater in their home. For example, the Small-Scale Technology Certificates (STCs) scheme offers an upfront discount of up to $2,225 for those who install a system before December 31st 2021. The scheme is designed to encourage households to invest in renewable energy technologies such as solar power and geothermal heat pumps. It works by assigning STCs based on how much electricity is produced by each system over its lifetime. Your installer can then use these STCs when claiming the discount back from the government.
Another potential tax incentive is the renewable energy grants scheme, which offers eligible households up to $1,000 towards the cost of installing certain types of renewable energy systems, including geothermal heat pumps. This grant can be used in conjunction with any other available discounts or rebates and will help lower installation costs significantly.
Finally, if money is tight then you may be able to access other financial assistance programs such as interest-free loans or low-interest loans through your local council or state government body. These loans are designed to help make renewable energy installation more affordable for all Australians and can have repayment terms of up to 10 years depending on which program you apply for and where you live.
So if you’re looking for ways to save money on your energy bills and help reduce your carbon footprint then a geothermal heat pump water heater could be a great option for you – and there might even be some financial incentives too! Consider talking to an accredited installer today about what options are available in your area so that you can start saving as soon as possible!