Over 17 million U.S. households have already switched from traditional heating and cooling to energy-efficient heat pumps.
According to the U.S. Department of Energy, heat pumps are becoming increasingly popular and now account for over half of all residential heating equipment sales nationwide.
Not only are they popular, but they are also significantly reducing homeowners' energy costs. The most common type, an air-source heat pump, reduces electricity use by 50%. Meanwhile, geothermal heat pumps cut energy use by 30% to 60%.
These reductions translate to noticeable savings on average homeowners' energy bills — over $500 annually.
💡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.
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The federal government offers tax credits and rebates through the Inflation Reduction Act to make the upfront cost of purchasing and installing a heat pump more affordable. To learn about available IRA tax breaks and find reliable, affordable installers where you live, check out EnergySage's heat pump marketplace.
The IRA offers up to $2,000 in tax credits for installing a heat pump. If you qualify as a low-income household, an additional rebate of $8,000 is available, bringing the total IRA savings potential up to $10,000.
Meanwhile, President Joe Biden's Investing in America plan provides a 30% tax credit up to $150 on professional home energy audits. Homeowners should submit IRS Form 5695 to claim this credit when filing their 2023-32 taxes.
However, with President-elect Donald Trump set to take office Jan. 20, it is recommended that you act now if you are considering a heat pump upgrade.
Trump has indicated that he plans to eliminate subsidies that save homeowners money on sustainable home upgrades. If Congress approves an act to eliminate these incentives, you could be stuck paying full price for a new heat pump.
🗣️ 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
If you want to join the households that have embraced the energy-efficient heat pump trend, now is the time to start researching and taking action.
For more information, check out the National Renewable Energy Laboratory's study, which found that switching to a heat pump can reduce household energy pollution by 36% to 64%. You can also read about the personal experience of a northern Minnesota family who has found heat pumps to be a sustainable and cost-effective option, even during the harshest winters.
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