Are you ready to save hundreds of dollars a year on home energy? If so, a heat pump water heater might be the right choice for you. And the time has never been better, with loads of federal incentives now available along with new cutting-edge technology hitting the market.
A heat pump water heater, which uses electricity to move heat from one place to another instead of generating heat directly, can cut the utility costs of a household of four by around $550 per year, according to Energy Star.
And the deal gets even sweeter: Right now, the federal government is giving homeowners up to $1,750 for a heat pump water heater through the Inflation Reduction Act's Home Electrification and Appliance Rebates program. Plus, you can claim up to 30% of your heat pump installation costs (up to $2,000) through the IRA's Energy Efficient Home Improvement Credit program.
Ready to choose your new heat pump water heater? If so, you can browse through a list of Energy Star's recommended models. Plus, one startup called Cala may have just what you're looking for — the world's first "intelligent heat pump water heater."
The device uses predictive technology to heat water when energy is cheapest and cleanest. By doing so, these heat pump water heaters, which will be available in 2025, can further reduce demand for dirty energy and save a family of four more than $6,000 over the lifetime of the appliance. Plus, Cala's highly efficient water heaters increase your comfort at home by heating water exactly when it's needed.
In addition to cost savings, heat pump water heaters, whether "intelligent" or not, can help reduce carbon pollution — currently, residential energy usage is responsible for about 20% of planet-heating pollution in the United States. Reducing this number can help safeguard us from the worst effects of an overheating planet like worsening and more frequent natural disasters that threaten lives and property.
The benefits of the IRA may not be available forever, though, as President-elect Trump has consistently mentioned that he would like to do away with subsidies. That said, any major changes to the IRA would ultimately require an act of Congress.
Either way, there's no better time than now to take advantage of the thousands of dollars available through the IRA to upgrade your home.
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