A dependable HVAC system is essential for a comfortable and energy-efficient home, but it’s also a significant investment. Everyone deserves the most effective comfort solutions possible, which is why HVAC rebates are so worthwhile. They can help make sure high-efficiency furnaces, air conditioners and other equipment is more affordable.
HVAC efficiency standards are climbing next year, so now’s an ideal time to compare 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
Many manufacturers of high-efficiency furnaces provide rebates toward buying a new system. These furnaces feature energy-efficient components like variable-speed blower motors, which enable the thermostat to fine-tune how much heating is released. It’s a great way to reduce energy use overall. Local utilities also offer furnace rebates because less energy use means less strain on the local energy grid.
The government’s ENERGY STAR® program is also useful for acquiring a furnace rebate. You can type in your ZIP Code to find out which rebates you could be qualified for. Equipment with the ENERGY STAR® rating means it satisfies your region’s standards for energy-efficient comfort.
Rebates for Air Conditioning Systems
Plenty of of the same rebates for high-efficiency furnaces are also applicable to air conditioners. You can save hundreds on new installation for equipment from a top brand such as Lennox. Just consult your local utility companies to find out which makes and models are entitled. Additionally, you can usually join federal and local rebates for even more savings. Don’t hesitate to find out what's all available, because it can easily add up to 10% of a new, high-efficiency cooling system
2023's Rebates for Smart Home Accessories Like Smart Thermostats
A smart thermostat is a particularly valuable addition to your home comfort system. With intelligent programming, you can enhance the daily schedule. Utility companies appreciate this level of efficiency, and so most offer rebate programs for new smart thermostats. After some time, these rebates essentially enable you to get a free smart thermostat!
Your utility companies also create programs where they provide reduced rates for the ability to access your thermostat during peak energy use. This helps minimize strain on the grid, particularly when heat waves or cold fronts arrive. When enrolled in this program, your thermostat will automatically be corrected by a few degrees.
More Incentives: High Efficiency Products and Home Improvement Credits
A little different compared to rebates, tax credits are also offered 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 may be claimed each year as opposed to only once. These credits are available for a much greater variety of projects, like home energy audits, electrical, insulation, ventilation, and even your doors and windows! The programs are designed to share the most benefits for lower-income households, maximizing the improvements to HVAC efficiency across 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 combusting fuel. To motivate more people to convert to this energy-efficient comfort system, these rebates are substantially higher versus incentives for AC units 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 meeting 80-150% of the average income can cover 50% of equipment and installation costs.