A quality HVAC system is essential for a comfortable and energy-efficient home, but it’s also a big investment. You deserve the most effective comfort solutions available, which is why HVAC rebates are so worthwhile. They can help make sure high-efficiency furnaces, air conditioners and other equipment is more budget friendly.
HVAC efficiency standards are climbing next year, so now’s a great time to compare your options. A variety of companies, organizations and even government entities are offering rebates in 2023 to help everyone secure a new, high-efficiency HVAC system.
Rebates for High-Efficiency Furnaces
Numerous manufacturers of high-efficiency furnaces offer rebates for a new system. These furnaces incorporate energy-efficient components such as variable-speed blower motors, which allow the thermostat to fine-tune how much heating is released. It’s a fantastic way to decrease energy use overall. Local utilities also share furnace rebates as less energy use translates to less strain on the local energy grid.
The government’s ENERGY STAR® program is also useful for obtaining a furnace rebate. You can submit your ZIP Code to see which rebates you could be qualified for. Equipment featuring the ENERGY STAR® rating means it satisfies your region’s standards for energy-efficient operation.
Air Conditioner Rebates
A lot of of the same rebates for high-efficiency furnaces are also useful for air conditioners. You can save hundreds on new installation for equipment from a leading brand like Lennox. Just talk to your local utility companies to learn which makes and models are suitable. In addition, you can usually join federal and local rebates for even higher savings. Don’t hesitate to find out what's all available, because it can quickly add up to 10% of a new, high-efficiency AC system.
Potential Rebates for Smart Thermostats
A smart thermostat is an especially valuable upgrade to your home comfort system. With intelligent programming, you can enhance the daily schedule. Utility companies can benefit from 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!
Your utility companies also provide programs where they provide lower rates for the capability to access your thermostat during peak energy use. This helps avoid strain on the grid, namely when heat waves or cold fronts show up. When registered in this program, your thermostat can automatically be corrected by a few degrees.
More Ways to Save: Tax Credits for Energy-Efficient Equipment and Home Improvement Projects
Somewhat different than 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 supplied credits for up to 10% of the project’s cost. The revised credits are now worth 30% of the cost and may be claimed every year as opposed to only once. These credits are available 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 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 especially geared toward heat pump technology, which transfers heat instead of creating it by combusting fuel. To persuade more people to change to this energy-efficient comfort system, these rebates are considerably higher compared to incentives for AC systems and furnaces.
If a household’s income is less than 80% of the local median, you can use the rebates to cover 100% of the costs of a new heat pump. Households that meet 80-150% of the median income can pay for 50% of equipment and installation costs.