If you're looking to save money on energy bills this winter, installing a heat pump water heater might be your best bet.
The scoop
Courtesy of the Inflation Reduction Act (IRA), investing in a water heater comes with discounts, rebates, and tax credits worth thousands of dollars.
With a potential of $1,750 in rebates allocated for heat pump water heater purchases and up to $2,000 in tax credits for the upgrade, the IRA could cover up to $3,750 on your new heating and cooling system.
🗣️ What is stopping you from upgrading to a heat pump system?
🔘 The cost of installation 💵
🔘 I live in a cold area 🥶
🔘 I don't know enough about it 🤷
🔘 I already have one 😎
🗳️ Click your choice to see results and speak your mind
Although the future of the IRA is uncertain, there is still time to act if you start planning now. Use Rewiring America's interactive calculator to find out just how much you can save while it's still available.
How it's working
Upgrading appliances, weatherizing, and modernizing your home with smart home features saves money and energy while cutting down on pollution. Reducing wasted energy keeps more money in your pocket and reduces your environmental footprint — a categorized estimate of the harmful carbon pollution and other planet-warming gases released by an individual or group.
The U.S. Department of Energy reported that homes heated with electricity spend significantly less on energy bills annually than homes using propane, heating oil, or gas. Installing a heat pump, especially in the thick of winter when energy bills are the highest, will begin accruing savings of up to $1,000 annually.
However, this money may not be available forever. President-elect Donald Trump has stated that he'd like to eliminate large portions of the Inflation Reduction Act.
If you are considering switching to a water heater and aren't sure where to start, check out Consumer Reports' Heat Pump buying guide. One of the newer models on the market, Cala's smart heat pump water heaters, is the first of its kind. These customizable water heaters help to drastically cut down energy bills without sacrificing comfort by analyzing and optimizing your household's water usage habits.
What everyone's saying
Pulse 2.0 quoted Tom Ferguson, general partner at Burnt Island Ventures, saying, "Other heat pump water heaters leave both money and emissions savings on the table because they don't use the core technology as effectively as possible. Cala's unit is the only one that seamlessly integrates with the home and the customer's lifestyle to deliver an exceptional experience and maximum savings."
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