Energy Efficiency Upgrades Available in 2023
Owning a home is one of the best financial decisions that someone can make. Unfortunately, owning a home means investing money to keep it up to date. Sometimes those investments are expensive, like when it comes time to replace the heater or air conditioner.
During slow economic times, it can be even more difficult to afford the necessary heating and cooling equipment in a home, but 2023 is every homeowner’s lucky year. With the passage of the Inflation Reduction Act, homeowners can save more money than ever when they upgrade to energy-efficient heating and air conditioning systems. Read on for more information and to learn how to qualify.
Tax Credits and Rebates Under the Inflation Reduction Act
The Inflation Reduction Act was conceived to help ease economic difficulties as the world recovers from the pandemic. It sets aside certain tax credits and rebates to allow homeowners to invest in energy-efficient home improvements, including heating and cooling equipment that uses less energy and has a smaller environmental footprint.
To apply aid where needed most, rebates are tiered to offer the most assistance to homeowners earning under the median income for a given area. Families that qualify can apply substantial tax credits to their earnings and invest in a more comfortable home while they’re at it.
How to Qualify
The goal of the tax credits and rebates in the Inflation Reduction Act is to lower carbon emissions in every home. To accomplish this, homeowners must select and install heating and cooling equipment that meets the energy efficiency standards to qualify for rebates, and the equipment must be installed after January 1, 2023.
Homeowners can receive tax credits of 30% of the project’s cost of up to $2,000 on heat pump installations and 30% of the project’s cost of up to $600 for furnaces and air conditioners. Heat pumps are versatile systems that can be used to both heat and cool homes. Homeowners can turn to dependable local HVAC contractors for more information on the tax credit requirements and which heating and cooling systems would work best for their households.
Benefits of Upgrading to Energy-Efficient HVAC Equipment
Installing a new, energy-efficient HVAC system or heat pump is a great way for homeowners to save money. With the Inflation Reduction Act, homeowners can take advantage of tax credits and rebates that will save them money. Additionally, because the system is required to be energy efficient to qualify, homeowners can reduce their energy bills by installing a new system, allowing them to save money in multiple ways.
Investing in an energy-efficient heating or cooling system will pay off in the long run with lower energy bills and tax credits, so take advantage of the Inflation Reduction Act and upgrade old, inefficient heating and cooling systems.
About Hall Heating and Air
Hall Heating and Air has more than 40 years of experience serving Pampa, TX, and the surrounding communities. They provide straightforward pricing, on-time service, and the latest technology. Call them today for AC, heater, or heat pump installation in Pampa, TX.