When temperatures start to fall, electricity bills can rise, but one energy-efficient device for all seasons could save you thousands every year. Even better, the federal government has made it easier than ever to get your hands on this heating and cooling solution.
If your old HVAC isn't working the way it used to, it might be time to upgrade to a heat pump, which operates by transferring heat to make indoor spaces hotter or colder depending on need. Because it is more energy-efficient, it requires less energy than a conventional HVAC.
According to the U.S. Department of Energy, some models can even reduce household energy bills in cold climates by up to $1,500 every year.
Generally, obtaining a heat pump takes an upfront investment of as much as $8,000. However, you could receive up to $10,000 to install one thanks to a combination of tax credits and rebates made possible by the Inflation Reduction Act, often referred to as the IRA.
Signed in 2022, the IRA is widely hailed as one of the most significant pieces of climate legislation in the history of the United States, with billions of dollars invested in growing a clean-energy economy.
The tax incentives and Electrification Rebates program are folded into this legislation, empowering Americans to swap outdated equipment for less polluting, energy-efficient solutions that also save them significant cash in the long term — like heat pumps.
While adopting a new heating and cooling system is a big step, free tools like those from EnergySage's Heat Pump Marketplace can help you find a deal you're confident in. After you answer a few simple questions about your home, the EnergySage team will connect you with trusted installers who can help you through the process.
According to one person who installed a heat pump, the energy-efficient devices also improved their comfort by reducing noise frequently associated with laboring HVAC systems.
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"We had a massive heat wave a few years ago and needed to install A/C but opted for a heat pump so we could get more efficient heating and cooling," they told The Cool Down. "I love that it's fast to cool or heat, super quiet and very efficient."
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