HVAC TAX REBATES

Do you qualify for HVAC rebates? You sure could!

 

Budget Heating and Cooling can help. You could qualify for the IRA Heat Pump Tax Credits and Rebates via the Inflation Reduction Act.  This bill encourages homes and businesses to adopt more eco-friendly HVAC solutions for their home heating and cooling.

 

High energy efficiency is the name of the game with the new bill. And nothing says energy efficiency like a heat pump! Heat pumps are growing in popularity across the nation and especially in Damascas and throughout the Portland Metropolitan area.

 

That financial incentive may be the nudge that moves you to replace your aging, inefficient heating and cooling unit with a system that improves Indoor Air Quality, reduces your carbon footprint, and saves money.

 

When it’s time to purchase a new heating and cooling systems, it’s time to find out if you qualify for rebates and incentives.

 

Upgrading to a new furnace, heat pump, air conditioner or ductless heat pump is an investment that pays off via improved comfort and lower energy costs for your home.

 

When you upgrade to new HVAC equipment in 2024, that investment may also qualify you for a tax credit on your federal return. The federal government is committed to helping you cut the cost of upgrading to a high-efficiency HVAC system by reducing your tax burden the year you install your new equipment.

 

Budget Heating and Cooling can guide you through the options for qualifying high-efficiency HVAC systems. We also can point you to the incentives available locally, on a state level, and through the federal government.

 

You can count on our team of HVAC installers that have served homes and businesses in Damascas, Lake Oswego, West Linn, Oregon City, and the Portland metropolitan area.

 

As a full-service HVAC company, we maintain, repair, and install HVAC systems and can recommend a heating and cooling system that will suit your needs. 

 

2024 Federal Tax Credits

The Inflation Reduction Act (IRA) of 2022 offers a 30 percent tax deduction on the purchase and installment costs of high-efficiency HVAC equipment and other home improvements through 2032.

 

Most of the credits include a maximum amount for the deduction—but some, including the geothermal credits, do not.

 

For example, if you install a qualifying air-source heat pump, you can deduct 30 percent of the cost up to $2,000. The 30 percent credit for geothermal has no maximum dollar amount.

 

Other improvements that qualify for the 30 percent tax credit: 

• Air conditioners, furnaces, and boilers have a maximum credit of $600.
• Deduct up to $2,000 for air-source heat pumps and heat pump water heaters.
• Claim up to $150 for an energy audit.
• Upgrade your electrical panel and deduct up to $600.
• The home insulation credit has a maximum of $1,200.
• Get up to $600 back for windows and skylights.
  
  

Eligibility – Who Qualifies?

The HVAC equipment and heating and cooling upgrades must meet specific guidelines to earn a tax credit. Find out eligibility requirements at ENERGY STAR®    https://www.energystar.gov/

Not sure what to buy? Our experts can help. We’ll do a thorough evaluation of your home, your needs and make sure to match the right unit and make sure you get on the incentives that you qualify for.

 

Installation must be performed by a qualified HVAC contractor. A professional installation of your equipment is key to enjoying the benefits of your new upgraded equipment.

  

HVAC Rebates

The IRA also paved the way for rebates that reduce the HVAC point-of-purchase prices. Individual states are in the process of creating the rebate programs they will administer with federal dollars. There is no definite start date for rebates. However, some states are eyeing late 2024 or early 2025.

 

Two programs the IRA created are: 

The Home Energy Performance-Based Whole-House Rebate program will rebate $2,000 to $4,000 for energy-efficient retrofits that reduce energy use between 20 to 35 percent or more.

 

The High-Efficiency Electric Home Rebate program will pay 100 percent of electrification project costs for low-income households and 50 percent for middle-income households. Rebates max out at $14,000 per household.

 

State and Local HVAC Incentives

Our experts can guide you through the ins and outs of HVAC financial incentives, including state tax credits and local utility company rebates. Additionally, manufacturers also offer rebates on select products. We can help determine if the rebated equipment meets your heating and cooling needs.

 

Is your heating and cooling equipment more than 10 years old?

It could be the perfect time to invest in an energy efficient, eco-friendly replacement. Many systems are ENERGY STAR® rated and can help reduce your monthly energy bill. Many homeowners report savings of up to 50%.

 

HVAC Financing Options

 

In addition to rebates and incentives, we’ll help you with financing options. We have a variety of programs available to you. We always recommend that you buy the highest energy efficient heat pump you can afford. Financing options make it easy to do so.

 

It’s easy to find out if you qualify for the Inflation Reduction Act Heat Pump Rebates. We’ll go over all your options and help you consider the total cost of ownership. Buying a higher efficiency system will be more expensive up front but will also save on your monthly energy bills which is why it’s important to look at the big picture before deciding.

 

Get expert advice from our team of cheerful and experienced techs. We’ve earned the credentials and are a Mitsubishi Diamond Contractor, American Standard Customer Care Dealer and recognized nationally as a Ductless

Based in Damascas, Oregon we serve the entire Portland area.   

Hire an HVAC contractor with credentials! 

Most importantly, an approved contractor must install your hvac system upgrades. A qualified Inflation Reduction Act HVAC contractor is going to make sure to match the right equipment to your needs, they’ll find proper product placement of your ductless system and will ensure a professional installation so you can enjoy years of home comfort.

Call us today at (503) 233-3133 or schedule a free consultation!