Traditional air conditioners have been the standard for keeping people cool since the 1960s. But these outdated appliances are due for an upgrade.
An energy-efficient replacement will save you money on utility costs, conserve energy, and reduce pollution. Fortunately, government incentives are making a better cooling option more affordable than ever before.
The scoop
Heat pumps heat and cool homes by moving heat between the inside and outside. They use a compressed refrigerant to provide heat and then absorb heat. This one piece of HVAC equipment serves both functions, eliminating the need to have a heater and an air conditioner.
To offset the initial cost of buying a heat pump, the Inflation Reduction Act offers up to $2,000 in tax credits for installing one and as much as $8,000 in potential rebates if you qualify as low-income (less than 80% area median income).
How it's working
Research shows that installing a heat pump will create significant savings over time.
A U.S. Department of Energy National Renewable Energy Laboratory analysis published in the journal Joule showed that 62% to 95% of American households would save money on their energy bills by having a heat pump.
When you switch to a heat pump that outperforms traditional heating, ventilation, and air conditioning systems, you'll receive numerous financial benefits in the form of tax credits, rebates, and long-term savings. In addition to saving people money, heat pumps contribute to a cleaner, cooler future for us all by reducing the amount of pollution coming from our homes.
EnergySage's heat pump marketplace can help you learn more about heat pumps, connect with trusted installers, compare local prices, and make the right heat pump decision for your home.
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What people are saying
"There are millions of people who would benefit from putting in heat pumps, and there are incentives made available through the Inflation Reduction Act, both tax credits and rebates, that millions of households can benefit from," Eric Wilson, a lead researcher on the heat pump study and senior research engineer, said.
Prateek Munankarmi, another study author, said homeowners can "save thousands of dollars on average" by choosing a smaller heat pump if they improve their homes' energy efficiency first.
If you weatherize your home first, up to $1,600 in rebates are available for insulation, ventilation, and air sealing.
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