Inflation Reduction Act Guide
You may have heard about the Inflation Reduction Act (IRA) of 2022 and wondered how it might affect your home and your decisions to purchase new high-efficiency HVAC equipment. We’re excited to share details of the IRA and the ways you and our other customers in Sanford, FL can benefit from it.
The IRA provides several incentives to reduce energy use, combat climate change, and lower inflation. We’ll take a look at how the IRA rebates for high-efficiency electrical equipment affects you and how to qualify. Feel free to contact us for more information.
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What You Need to Know About IRA Rebate Programs
The Inflation Reduction Act contains provisions for $369 billion toward clean energy investments, including rebates for homeowners seeking to save money on high-efficiency electrical equipment purchases. Through two IRA programs, the High-Efficiency Home Rebate Act (HEEHRA) and the HOME Rebate Program, homeowners can qualify for up to $14,000 per household in combined rebates based on factors such as household income and the amount a new installation lowers energy consumption. Households that earn less than 150% of their area’s median income (AMI) can qualify for these rebates.
The IRA includes rebates for the following appliances:
- Water heaters
- Air conditioners
- Heat pumps
- …and more
Incentives for Heat Pumps
Electric heat pumps are one of the best HVAC investments for homeowners looking to qualify for IRA rebates and improve overall home energy performance. Heat pumps consume less electricity in heating mode than electric furnaces while still providing quality heating—and they also work as effective air conditioners. Under HEEHRA, your household may be eligible for an $8,000 rebate on the purchase of a heat pump system and $1,7500 for a heat pump water heater.
How Much Can You Save?
To get an idea of how much you can save with IRA rebates, you can use an online calculator to see an estimate of upfront discounts, available tax credits, and potential energy savings per year. Please keep in mind that these are only estimates, as we are not yet certain of how rebates will be implemented in each state.