The decisions made in and about our homes are some of the most important we make in our lives. This considered, it's likely that the more than 300,000 households who have chosen heat pumps to heat and cool their homes in the last few years, as reported by Rewiring America, didn't make the decision lightly.
They're being rewarded with thousands of dollars from the government for doing it, too.
The scoop
Thanks to the Inflation Reduction Act — the most significant piece of legislation ever passed to stop rising global temperatures — for the last several years, households across America have been getting a financial leg up for making energy-efficient upgrades to their homes.
🗣️ Which of these factors would most effectively motivate you to buy a heat pump?
🔘 Lower energy bills 💰
🔘 Better temperature control 🌡️
🔘 Helping the planet 🌎
🔘 I'd never buy a heat pump 🚫
🗳️ Click your choice to see results and speak your mind
The IRA offers tax credits and incentives to make changes to your home that will reduce your household's impact on the environment, and heat pumps are just one of the qualifying appliances.
How it's working
Electrifying your home by swapping out outdated appliances that burn dirty energy and produce large amounts of planet-warming pollution for modern appliances that run on clean energy or upgrading to an electric vehicle is one of the best ways to save money and help the environment.
According to the IEA, heat pumps specifically are up to five times more efficient than traditional HVAC systems, saving you a ton of money over the course of its lifetime. Long-term savings aside, the initial cost can be steep, making many unsure they can make the switch.
This is where the IRA comes in. "In essence, the IRA creates an $8,000 bank account for every American household … if people figure out how to access it and use it," said Bill McKibben, one of the nation's leading environmental journalists, during a press briefing.
On top of the $8,000 rebate given at the point of sale, the government also offers a $2,000 tax credit. Both rebates can be stacked, adding up to $10,000.
The non-profit Rewiring America has free tools to help you figure out how to access and use available tax incentives, find contractors, and make upgrading your home as easy and inexpensive as possible. All you have to do is answer a few quick questions, like where you live and whether you rent or own, and you'll be on your way to keeping harmful pollution out of the air and more money in your wallet.
What people are saying
About installing a heat pump, Vicky V said, "Our AC broke in the summer and instead of replacing it, we upgraded to a super-efficient heat pump. Can't wait to slap some solar on and get both heating and cooling for free!"
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