A dependable HVAC system is crucial for a comfortable and energy-efficient home, but it’s also a significant investment. Every homeowner deserves the most efficient comfort solutions achievable, which is why HVAC rebates are so beneficial. They can help ensure high-efficiency furnaces, air conditioners and other equipment is more budget friendly.
HVAC efficiency standards are climbing next year, so now’s an excellent time to compare your options. A variety of companies, organizations and even government entities are promoting rebates in 2023 to help everyone secure a new, high-efficiency HVAC system.
Rebates for High-Efficiency Furnaces
Many manufacturers of high-efficiency furnaces extend rebates toward buying a new system. These furnaces include energy-efficient components like variable-speed blower motors, which enable the thermostat to optimize how much heating is produced. It’s an easy way to reduce energy use overall. Local utilities also share furnace rebates as less energy use results in less strain on the local energy grid.
The government’s ENERGY STAR® program is also recommended for acquiring a furnace rebate. You can type in your ZIP Code to find out which rebates you may be qualified for. Equipment featuring the ENERGY STAR® rating means it meets your region’s standards for energy-efficient performance.
Air Conditioner Rebates
A lot of of the same rebates for high-efficiency furnaces are also suitable for air conditioners. You can save hundreds on new installation for a system 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 combine federal and local rebates for even higher savings. Don’t hesitate to learn what's out there, 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 incredibly valuable improvement to your home comfort system. With intelligent programming, you can optimize the daily schedule. Utility companies appreciate this level of efficiency, and so most offer rebate programs for new smart thermostats. In time, these rebates essentially enable you to get a free smart thermostat!
These utility companies also offer programs where they provide lower rates for the ability to adjust your thermostat during peak energy use. This helps reduce strain on the grid, namely when heat waves or cold fronts come through. When enrolled in this program, your thermostat will automatically be changed by a few degrees.
Additional Ways to Save: Tax Credits for Energy-Efficient Equipment and Home Improvement Projects
Slightly different from 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 can be claimed each year as opposed to 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 tailored 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 included separate legislation referred to as the High-Efficiency Electric Homes and Rebates Act, or HEEHRA. This incentive is specially geared toward heat pump technology, which transfers heat instead of creating it by combusting fuel. To encourage more people to change to this energy-efficient comfort system, these rebates are substantially 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 meeting 80-150% of the median income can take care of 50% of equipment and installation costs.