Standard HVAC systems are outdated and drain your budget as they use massive amounts of energy.
That's why the federal government is willing to contribute up to $10,000 to help you switch from a traditional HVAC unit to a heat pump.
Under the provisions of the Inflation Reduction Act, American households can cash in on thousands of dollars in subsidies for installing heat pumps to heat and cool their homes.
This is important to know because the upfront cost of a heat pump typically ranges from $4,000 to $8,000. The IRA offers up to $2,000 in tax credits and potential rebates of up to $8,000 for low-income qualifying households to make the upgrade more affordable.
Heat pumps are versatile appliances that move heat between the inside and outside of a home using compressed and decompressed refrigerant. You only need this one piece of equipment for both heating and cooling, and they provide more energy than they consume for operation.
Beyond the initial purchase and installation savings through the IRA, heat pumps provide ongoing savings in your monthly energy bills.
"Heat pumps are certainly more energy efficient than standard gas furnaces, and they can help you dramatically reduce your power bill — in some cases, $500 or more a year," Cary Reed, a Service Experts heating and cooling pro, told USA Today.
Homes equipped with heat pumps also help their communities be more resilient to extreme weather events caused by our rapidly overheating planet. They put less planet-overheating pollution into the air and contribute to a cleaner and greener Earth that is more sustainable for everyone.
Eco-friendly construction designs and ultra-efficient home features are revolutionizing how we live in our homes and how they play a crucial role in the built environment.
🗣️ 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
Heat pumps are a huge step in the right direction of this movement and are now more affordable than ever before.
💡Save thousands with a heat pump
A heat pump can save you thousands of dollars in heating and cooling costs — but first you have to find the right installer at the right price.
Use EnergySage's free tool today to find local options, compare prices, and see how much you can save.
The Cool Down may receive a commission on signups made through links on this page, but we only promote partners we vet and believe in. For more cool tips like this one, check out our solutions list here.
EnergySage's Heat Pump Marketplace is an excellent place to start your search for a heat pump for your home. On this unbiased comparison platform, you can get the year-round comfort you need with the help of trusted local contractors who are pre-screened and monitored.
"People want to do the right thing for the environment while saving money, and there are significant economic and government forces incentivizing it," Reed commented about the current heat pump boom.
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