While Utah has been getting record snowfall this year, staying warm and comfortable is important no matter what state you are currently living in. Luckily, the Inflation Reduction Act is the perfect incentive when adding energy-efficient upgrades to your home. Don’t let the cold weather drive up your energy bills! Now is the perfect time to upgrade your home’s heating systems, save money, and receive thousands in federal tax credits and state rebates.
If you are looking for a cost-effective heating and cooling system for your home, consider installing a heat pump. As part of the Inflation Reduction Act, heat pumps now offer the largest credits and rebates for homeowners who are looking to improve their home’s energy efficiency. Take advantage of this incentive program in 2023 so you can reduce your power usage and save money while the offer is still available.
What Are the Benefits of Installing a Heat Pump?
Installing a heat pump in your home can offer several benefits. It is a great solution when it comes to heating or cooling the home. Here are a few things to look forward to when considering if this is the best option for you:
- Energy Efficiency – Heat pumps use less energy to heat or cool the home than traditional HVAC systems. This makes it the perfect solution for those who are looking to lower their energy bills.
- Low Maintenance – You can expect less maintenance, due to the fact that heat pumps require less moving parts. This can save money in the long run and be a great investment to make.
- Improve Indoor Air Quality – Another great advantage to heat pumps is that not only do they cool and heat up your home, but they circulate air through the filters to remove harmful pollutants and allergens.
- Environment Friendly – This is a more environmentally friendly option compared to traditional systems, because heat pumps don’t burn fossil fuels and can produce less carbon emissions.
- Greater Comfort – As heat pumps provide consistent heating or cooling throughout the home, they can maintain a constant temperature, making your living space more comfortable for the entire family.
Keep in mind that available tax credits and rebates could assist in making heat pumps even more affordable and that now might be a great time to look more into this opportunity.
Applying for Heat Pump Tax Credit or Rebate Process
Before applying for these incentives, it is important to make sure that you qualify for tax credit or a rebate. For tax credits, claim them on your federal income tax returns. TurboTax is a great tool to use that can simplify the process for you.
As for rebate programs, this can depend on where you live. You can check the requirements set by your state’s government and what is required from your local utility company.
Do I Qualify for a Heat Pump Tax Credit or Rebate?
If you’re planning to upgrade your home to become more energy-efficient this year, it’s important to know that these tax credits for qualified equipment installations are only available for upgrades made starting in 2023. This means that if you made any upgrades to your home before 2023, you may not be eligible for these tax credits. However, the amount of credit and qualifications can change from year to year. When it comes to rebates, this can depend on your household income.
Heat Pump Tax Credit and Rebate in Utah
As a Utah homeowner, you may be eligible to claim tax credit on a heat pump system. Some local utility companies may require that the system meet certain efficiency standards and is installed by a licensed contractor.
Utah’s primary electric utility company, Rocky Mountain Power offers a variety of incentives and programs for those who are looking to save energy and money. Get up to $1,800 cash back! Contact your local utility company and a tax professional to see what is currently available.
Heat Pump Tax Credit and Rebate in Nevada
Similar to Utah, there are both federal tax and local rebate programs available in Nevada for those who install energy-efficient heat pump systems in their homes or businesses. The Nevada Clean Energy Fund offers a program to support Nevada homeowners with financial and technical resources. They can expect rebates up to $8,000 depending on income.
Install Your Ductless Heat Pump Today!
Ready to make energy efficient improvements to your home and save money? The professionals at Express Home Services can help and would love to serve you in any way we can!
While the Inflation Reduction Act provides Incentives for HVAC upgrades that are energy-efficient, our team can install a new ductless heat pump into your home. We offer services in the Bountiful, Utah and Las Vegas, Nevada areas. Contact us today for a free quote and start saving on your energy bills!