A quality HVAC system is vital for a comfortable and energy-efficient home, but it’s also a major investment. You deserve the most effective comfort solutions available, which is why HVAC rebates are so important. They can help make sure high-efficiency furnaces, air conditioners and other equipment is more budget friendly.
HVAC efficiency standards are increasing next year, so now’s a great time to explore your options. Various companies, organizations and even government entities are promoting rebates in 2023 to help everyone secure a new, high-efficiency HVAC system.
Rebates for High-Efficiency Furnaces
Lots of manufacturers of high-efficiency furnaces extend rebates toward the cost of a new system. These furnaces feature energy-efficient components such as variable-speed blower motors, which allow the thermostat to optimize how much heating is released. It’s a fantastic way to reduce energy use overall. Local utilities also offer furnace rebates since less energy use means less strain on the local energy grid.
The government’s ENERGY STAR® program is also helpful for securing a furnace rebate. You can submit your ZIP Code to learn which rebates you could be eligible for. Equipment displaying the ENERGY STAR® rating means it meets your region’s standards for energy-efficient comfort.
Air Conditioner Rebates
Many of the same rebates for high-efficiency furnaces are also useful for air conditioners. You can save hundreds on new installation for equipment from a leading brand such as Lennox. Just consult your local utility companies to verify which makes and models are eligible. In addition, you can often bundle federal and local rebates for even more savings. Don’t hesitate to learn what's out there, because it can easily add up to 10% of a new, high-efficiency cooling system.
Obtainable Rebates for Smart Thermostats
A smart thermostat is an incredibly valuable upgrade to your home comfort system. With intelligent programming, you can enhance the daily schedule. Utility companies highly value this kind of efficiency, and so most extend rebate programs for new smart thermostats. In time, these rebates essentially allow you to get a free smart thermostat!
These utility companies also provide programs where they provide reduced rates for the ability to control your thermostat during peak energy use. This helps avoid strain on the grid, namely when heat waves or cold fronts show up. When participating in this program, your thermostat will automatically be corrected by a few degrees.
Additional Ways to Save: Tax Credits for Energy-Efficient Equipment and Home Improvement Projects
A little different than rebates, tax credits are also offered for the purchase and installation of energy-efficient HVAC systems. For example, the Inflation Reduction Act restarted a program in 2021 that offered credits for up to 10% of the project’s cost. The updated credits are now worth 30% of the cost and may be claimed every year as opposed to only once. These credits are available for a much greater variety of projects, like home energy audits, electrical, insulation, ventilation, and even your doors and windows! The programs are tailored to provide the most benefits for lower-income households, maximizing the improvements to HVAC efficiency across the country.
New Legislation for Heat Pump Rebates
The recently passed Inflation Reduction Act incorporated separate legislation known as the High-Efficiency Electric Homes and Rebates Act, or HEEHRA. This incentive is particularly aimed toward heat pump technology, which transfers heat instead of creating it by burning fuel. To encourage more people to convert to this energy-efficient comfort system, these rebates are substantially higher than incentives for AC systems and furnaces.
If the household’s income is lower than 80% of the local median, you could use the rebates to cover 100% of the costs of a new heat pump. Households that meet 80-150% of the typical income can cover 50% of equipment and installation costs.