A quality HVAC system is essential for a comfortable and energy-efficient home, but it’s also a big investment. Every homeowner deserves the most effective comfort solutions possible, which is why HVAC rebates are so important. They can help ensure high-efficiency furnaces, air conditioners and other equipment is more budget friendly.
HVAC efficiency standards are increasing next year, so now’s a great time to explore your options. Different companies, organizations and even government entities are promoting rebates in 2023 to help everyone secure a new, high-efficiency HVAC system.
Receive a Tax Rebate by Installing a High Efficiency Furnace
Lots of manufacturers of high-efficiency furnaces offer rebates toward the cost of a new system. These furnaces incorporate energy-efficient components such as variable-speed blower motors, which let the thermostat optimize how much heating is generated. It’s a great way to decrease energy use overall. Local utilities also share furnace rebates because less energy use translates to less strain on the local energy grid.
The government’s ENERGY STAR® program is also recommended for acquiring a furnace rebate. You can submit your ZIP Code to find out which rebates you could be approved for. Equipment featuring the ENERGY STAR® rating means it satisfies your region’s standards for energy-efficient comfort.
Earning a Rebate for a High Efficiency Air Conditioner
Plenty of of the same rebates for high-efficiency furnaces are also suitable for air conditioners. You can save hundreds on new installation for a system from a leading brand like Lennox. Just consult your local utility companies to verify which makes and models are suitable. What’s more, you can usually join federal and local rebates for even higher savings. Don’t hesitate to learn what's out there, because it can quickly add up to 10% of a new, high-efficiency cooling system
Available Rebates for Smart Thermostats
A smart thermostat is an incredibly valuable upgrade to your home comfort system. With intelligent programming, you can optimize the daily schedule. Utility companies appreciate this level of efficiency, and so most extend rebate programs for new smart thermostats. After some time, these rebates essentially allow you to get a free smart thermostat!
These utility companies also provide programs where they exchange discounted rates for the capability to adjust your thermostat during peak energy use. This helps minimize strain on the grid, particularly when heat waves or cold fronts come through. When participating in this program, your thermostat may automatically be corrected by a few degrees.
More Ways to Save: High Efficiency Products and Home Improvement Credits
Slightly different than rebates, tax credits are also promoted for the purchase and installation of energy-efficient HVAC systems. For example, the Inflation Reduction Act reactivated a program in 2021 that provided credits for up to 10% of the project’s cost. The updated credits are now worth 30% of the cost and can be claimed each year as opposed to only once. These credits are eligible for a much larger variety of projects, including home energy audits, electrical, insulation, ventilation, and even your doors and windows! The programs are fashioned to offer the most benefits for lower-income households, maximizing the improvements to HVAC efficiency all over the country.
New Legislation for Heat Pump Rebates
The recently passed Inflation Reduction Act contained separate legislation referred to as the High-Efficiency Electric Homes and Rebates Act, or HEEHRA. This incentive is specially targeted toward heat pump technology, which transfers heat instead of producing it by igniting fuel. To persuade more people to transition to this energy-efficient comfort system, these rebates are substantially higher than incentives for AC systems and furnaces.
If a household’s income is below 80% of the local median, you are able to use the rebates to cover 100% of the costs of a new heat pump. Households that meet 80-150% of the average income can take care of 50% of equipment and installation costs.