A quality HVAC system is vital for a comfortable and energy-efficient home, but it’s also a significant investment. Everyone deserves the most efficient comfort solutions available, which is why HVAC rebates are so worthwhile. They can help guarantee 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 explore your options. A variety of companies, organizations and even government entities are extending rebates in 2023 to help everyone secure a new, high-efficiency HVAC system.
Receive a Tax Rebate by Installing a High Efficiency Furnace
Numerous manufacturers of high-efficiency furnaces offer rebates toward buying a new system. These furnaces include energy-efficient components like variable-speed blower motors, which let the thermostat fine-tune how much heating is generated. It’s a fantastic way to reduce energy use overall. Local utilities also offer furnace rebates as less energy use translates to less strain on the local energy grid.
The government’s ENERGY STAR® program is also recommended for obtaining a furnace rebate. You can enter your ZIP Code to see which rebates you might be eligible for. Equipment with the ENERGY STAR® rating means it meets your region’s standards for energy-efficient performance.
Air Conditioner Rebates
Plenty of of the same rebates for high-efficiency furnaces are also applicable to air conditioners. You can save hundreds on new installation for efficient cooling from a leading brand such as Lennox. Just check with your local utility companies to verify which makes and models are entitled. What’s more, you can usually bundle federal and local rebates for even greater savings. Don’t hesitate to see what all you can find, because it can easily add up to 10% of a new, high-efficiency cooling system
2023's Rebates for Smart Thermostats
A smart thermostat is a particularly valuable upgrade to your home comfort system. With intelligent programming, you can optimize the daily schedule. Utility companies highly value this degree of efficiency, and so most extend rebate programs for new smart thermostats. Over time, these rebates effectively permit you to get a free smart thermostat!
These utility companies also create programs where they exchange discounted rates for the capacity to access your thermostat during peak energy use. This helps minimize strain on the grid, particularly when heat waves or cold fronts come through. When enrolled in this program, your thermostat will automatically be adjusted by a few degrees.
More Ways to Save: Tax Credits for Energy-Efficient Equipment and Home Improvement Projects
Slightly 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 restarted a program in 2021 that provided credits for up to 10% of the project’s cost. The revised credits are now worth 30% of the cost and may be claimed each year rather than only once. These credits are available for a much wider variety of projects, such as home energy audits, electrical, insulation, ventilation, and even your doors and windows! The programs are fashioned 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 incorporated separate legislation referred to as the High-Efficiency Electric Homes and Rebates Act, or HEEHRA. This incentive is particularly aimed toward heat pump technology, which transfers heat instead of creating it by combusting fuel. To encourage more people to transition to this energy-efficient comfort system, these rebates are substantially higher versus incentives for AC units and furnaces.
If the household’s income is less than 80% of the local median, you could use the rebates to cover 100% of the costs of a new heat pump. Households meeting 80-150% of the average income can take care of 50% of equipment and installation costs.