Eligible Heat Pump Installed in 2025/Rebate received from my Arizona power company

[Wedding5500]

Hi,

I'm in Arizona and I received a $675 rebate (check sent to me)  for having an eligible heat pump installed.  

Question:  Do I have to back out the $675 rebate I received from my utility company on the full purchase price on Form 5695, or anywhere?  If so, where do I do that on TT?  Or is the $675 rebate just an added bonus?

Thank you!

[AmyC]

Yes. The $675 rebate lowers your basis. When you enter your energy credit, the cost basis should be reduced by that amount.

[Wedding5500]

@AmyC 

Thank you!