Outdated HVAC systems can cost homeowners significant cash in the long run, but lower electric bills are within reach, thanks to legislation from the United States government.
The Inflation Reduction Act, signed in 2022, is helping Americans work toward a cleaner, healthier future by making upgraded, energy-efficient technologies available at a lower price point through a combination of tax incentives and rebates on qualified electrification projects.
According to a study in the journal PNAS, around 20% of planet-warming pollution generated by the U.S. is due to heating, cooling, and keeping the lights on in households. Transitioning to more energy-efficient systems could eliminate large volumes of toxic gases that the World Health Organization notes contribute to millions of premature deaths every year.
In part, homeowners can ditch their old money-draining HVACs for heat pumps, which — despite the name — function as both heating and cooling systems depending on need.
Because the devices are three to five times more efficient than gas boilers, per the International Energy Agency, they pull less power from the grid. So, if the grid is using dirty fuels, it doesn't have to do as much work to send power to your home, ultimately resulting in less harmful pollution.
The upfront cost of heat pumps is one roadblock toward upgrading, though, which is unfortunate since the devices can also reduce electric bills by as much as $1,000 every year.
That's one reason why the IRA is so significant. Some people may qualify for an $8,000 rebate on a new heat pump — at least enough to cover the full cost. The available rebates vary depending on your state of residence, but tools like those from the nonprofit Rewiring America can help you sort through your options.
Rewiring America's free incentives calculator makes it easy to determine which IRA incentives or rebates are best for your situation in roughly one minute. After you answer some simple questions, it breaks down your options and can even connect you with trusted contractors.
"We had a massive heat wave a few years ago and needed to install A/C but opted for a heat pump so we could get more efficient heating and cooling," one person shared with The Cool Down. "I love that it's fast to cool or heat, super quiet, and very efficient."
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