Pump Up Your Tax Savings with a Heat Pump

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Would you like to take advantage of the largest ever federal legislation addressing climate change to improve energy efficiency for homeowners? It may be time to consider replacing your aging HVAC system with a heat pump.

Newly manufactured, energy-efficient heat pumps are part of the $369 billion in clean energy legislation passed in 2022. Arizona homeowners buying a new heat pump in 2023 will benefit from substantial tax incentives and rebates.

What’s a Heat Pump?

A modern heat pump is an energy-efficient, cost-effective alternative to an air conditioner and a furnace. During cooler months, heat pumps collect heat from the outside air and move it indoors. In warmer months, a heat pump pulls heat from inside your house and moves it outside. Since a heat pump is both an AC unit and a heater, you only need to purchase a single unit instead of two separate units. This not only reduces the amount of space that a heat pump takes up in your home, but it’s also beneficial to the environment and your pocketbook.

What’s the HEEHRA?

The High Efficiency Electric Home Rebate Act (HEEHRA) is the official name of the Inflation Reduction Act’s heat pump incentive program. The HEEHRA will offer point-of-sale rebates on a heat pump up to $8,000 depending on your household income. There will be no need to send in any documentation for a rebate refund or tax credit. State governments will implement the rebates as soon as The Department of Energy issues state guidelines by spring of 2023.

Low-income households will qualify for a 100% rebate up to $8,000. Middle income households are eligible for a 50% rebate up to $8,000. High income homes are eligible for a 30% tax credit up to $2,000.

If you can’t wait until the heat pump rebates begin in spring, there’s currently a $300 tax credit available for heat pumps that meet the Consortium for Energy Efficiency’s top-tier efficiency standards.

Bruce’s is Your Go-To Valley of the Sun Company for Energy Efficient Solutions

When you’re ready for a new energy-efficient reliable heat pump, the professionals at Bruce’s Air Conditioning & Heating are your local experts at installation and maintenance. Contact us today at 480-968-5652 to learn more about upgrading your HVAC system. We’re here to help you 24/7, including holidays and weekends.

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