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Huge Rebates on Energy Efficient HVAC Systems
On August 16, 2022, the Inflation Reduction Act (IRA) was signed into effect. Part of this legislation was directed at energy efficiency. This new law has created additional rebates for homeowners who are currently upgrading to more energy-efficient HVAC equipment.
Heat Pumps - Point of Sale Rebates
One of the best opportunities for homeowners to benefit from this new legislation is the point-of-sale rebates offered on heat pump heating and cooling systems. The new program will provide up to $8,000 for a heat pump purchase and installation. This rebate will be at the point of sale, which means that consumers get the discount instantly. There is no mailing in or submitting to a government website for a check. Many homeowners who qualify for the entire rebate could result in a free heat pump system for their home. This instant rebate only applies to heat pump systems because they are the market's most energy-efficient temperature control equipment. The rebates will be based on household income. If your income is less than 150 percent of your area's median income, you will qualify for the entire rebate. The rebate program will also offer $6,000 and $2,000 rebates for other income levels.
The program will also offer rebates on heat pump water heaters, heat pump clothes dryers, and electric stoves.
These rebate programs are different from the heating and cooling rebates and are offered at different values. Homeowners may also qualify for additional tax incentives for upgrading their home to a heat pump system. These tax incentives will come as tax credits. These credits will only apply to changes that take place after January 1, 2023. The only drawback to the heat pump rebate program is that it will probably not start until mid-2023. The government is currently designing the program and will issue a release date after the new year.
Why Heat Pumps Over Other Temperature Control Devices?
Heat pumps are the focus of this energy legislation because they are the most efficient way to heat or cool your home. Heat pumps work by moving warm air in or our out of your home to control the temperature. Furnaces use gas or oil to heat the air and then force it through your home. Heat pumps push warm air into your home during the cold months and draw warm air out of your home during the hot months. Some heat pumps have to use electric coils to generate enough heat to reach the desired temperature. This usually occurs in systems installed in areas with colder winters. Heat pumps with heating coils still use considerably less electricity than an electric furnace. Studies have shown that your home's two-step heat pump system will use 2.5 percent less energy than an electric furnace to achieve the same temperature. This means your electric bill will be lower each month. In addition to the money you save each month heating and cooling your home, you will also reduce your carbon footprin, and help the environment. It is a win-win situation.
Are You Ready To Install A Heat Pump?
If you want more information about the heat pump rebate program or how heat pumps work, Always Ready Repair will gladly answer all of your questions. Give Always Ready a call to schedule a consultation and to take advantage of all available rebates. We look forward to hearing from you!