In recent years, heat pumps have become a popular heating and cooling system – and for good reason! Not only do they perform exceptionally well in a variety of weather conditions, but they also offer enhanced energy efficiency that can significantly reduce utility bills.
Thanks to the recently-signed Inflation Reduction Act, heat pumps are more appealing than ever. Under this act, switching to a heat pump can help you earn a tax credit or rebate. If you want to take advantage of serious cost savings while upgrading your heating and cooling system, now is the time to invest in a new heat pump.
Tax Credits Under the Inflation Reduction Act
The Inflation Reduction Act was signed in August of 2022 with the intent of mitigating issues such as climate change and inflation. As a part of this legislation, the federal government is now offering tax credits and rebates for high-efficiency products such as energy-saving windows, water heaters, central air conditioning, and more.
While there is a wide variety of incentives available under this act, heat pumps offer some of the largest credits and rebates. Qualifying homeowners could claim a tax credit of up to $2,000 for the purchase of a new heat pump, as well as up to $8,000 in rebates for installation fees.
How to Claim a Heat Pump Rebate or Tax Credit
If you plan to claim a heat pump rebate or tax credit, it’s important that you understand how the process works so you can take the right steps. To take full advantage of these incentives, remember to:
- Determine if you qualify: The Inflation Reduction Act is primarily geared toward homeowners that need assistance to afford high-efficiency systems. For that reason, these incentives are limited to households with an income that does not exceed 150% of the local median income. If you aren’t sure if you qualify, consult a local tax professional.
- Time it right: These rebates and tax credits only apply to products and services purchased after January 01, 2023. To enjoy the full incentives of the Inflation Reduction Act, wait to buy or install your heat pump until after the start of the new year.
- Work with certified professionals: A certified heat pump technician will provide you with superior products and workmanship while ensuring that you are set up for success when it comes to claiming incentives. They can help with everything, from choosing the right products to obtaining the necessary paperwork for when you file your taxes.
Your Local Heat Pump Experts
If you are looking for quality heat pump services that will allow you to enjoy tax credits and rebates, you can count on the experts at Vanport Mechanical! Our team has over 45 years of experience serving the Clark County WA area, so we know how to deliver exceptional workmanship that is built to last. Customer satisfaction is our top priority, which is why we will tailor our services to your needs and communicate with you through every stage of your project. Whether you want to buy a heat pump or need help installing it, we have you covered! Just contact us today to get your personalized estimate.
How Switching to a Heat Pump Can Help You Earn a Tax Credit in Vancouver WA and Portland OR
Serving The Greater Vancouver WA and Portland OR Areas