There are plenty of upgrades homeowners can make around the house to save money on their monthly bills.
For example, ditching an old, inefficient water heater and upgrading to a heat pump water heater can save homeowners up to $550 per year.
To save money on the initial cost, including installation, homeowners can take advantage of the Inflation Reduction Act (IRA) and its incentives for home upgrades. The IRA offers tax credits worth 30% of the upfront costs up to $2,000 for heat pump water heaters, in addition to federal rebates. There are potentially state and local rebates available as well.
The IRA also offers incentives for other energy efficiency upgrades, whether it be installing solar panels, buying an electric vehicle, or weatherizing your home, among a wide range of alternatives. Tax benefits could exceed $20,000 depending on which upgrades you make.
But it's important to take advantage of these incentives soon, as the tax credits will disappear if the home projects are not completed by the end of 2025.
By December 31, eligible homeowners will no longer be able to access the $2,000 tax credit on expenses for a heat pump water heater, which is available via the Energy Efficient Home Improvement Credit.
However, the Home Electrification and Appliances Rebate Program will still exist, meaning some homeowners could get up to $1,750 off a heat pump water heater, depending on what state you're in. Either way, it's a good idea to act sooner rather than later to secure these substantial discounts.
LG is one company that is betting big on heat pump water heaters, offering a huge selection of these super-efficient appliances that can slash your energy bills. The company also has a free tool for homeowners to see if there are additional rebates available to them to buy a heat pump water heater (based on one's zip code).
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Which of these factors would most effectively motivate you to buy a heat pump? Click your choice to see results and speak your mind. |
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