On August 16th, 2022, President Joe Biden signed the Inflation Reduction Act into law. This bill addressed many issues that Americans worry about, one of them being global warming. The Inflation Reduction Act (IRA) aimed to make more energy-efficient upgrades more accessible to the American people. One way they did this was to provide tax credits and rebates for the purchase of new heat pumps.
Chesterfield Service explains how you can take advantage of the Inflation Reduction Act Heat Pump Rebate along with other tips to make your home more energy efficient.
Why Should I Switch to a Heat Pump?
Heat pumps are energy-efficient appliances that work year-round to both heat and cool your home. Instead of generating heat like a furnace, they take the heat energy from the air and transfer it into the home. In the summer, a heat pump cools your home by transferring warm air from inside the home to outdoors. Heat pumps only run on electricity and do not burn any fossil fuels.
Heat pumps can also be paired with ductless mini splits. Air ducts account for a large amount of heat loss, but going ductless can make the most of the energy to make your home comfortable. Heat pumps are quieter, provide better indoor air quality, and use a lot less energy to operate. Not only will you use less energy to heat or cool your home, but you’ll also notice that your energy bills will be lower as well once you make the switch.
How The Heat Pump Rebate Works
The IRA includes the High-Efficiency Electric Home Rebate Act, or HEEHRA, which is the heat pump incentive program. It offers a point-of-sale discount of up to $8,000 for any heat pump sale. The amount of the rebate depends on your household income and the heat pump you choose. This program is ideal for low-income households, as they will qualify for the largest discounts, however, even those who make more than 150% of an area’s median income can still expect to get a 30% credit.
According to the Department of Energy, states will be beginning to accept rebates in the spring of 2023.
Not in the market for a new heat pump because your current heat pump works great? You may still qualify for the Energy Efficient Home Improvement Tax Credit program. Consumers can get up to 30% back, up to $1,200 per year for energy-saving renovations.
Other Home Improvements That Qualify For The Inflation Reduction Act
Besides heat pumps, the IRA also incentives other energy efficiency upgrades for your home.
- Solar panels
- Electric vehicles
- Electric stoves, ovens, and ranges
- Home insulation
- Hybrid water heaters
Chesterfield Service can help you not only with heat pumps but with water heater upgrades too! Making upgrades around your home can add up fast and with tax credits and rebates you’ll make your money back in no time.
Talk to Chesterfield Service to Take Advantage of Energy Efficiency Improvements
If you’re looking for ways to save money and energy around your home, talk to Chesterfield Service. Now is a great time to take care of rebates and tax credits available to homeowners in Chesterfield, MO. Talk to us today to get an estimate on these upgrades.