Heating, cooling and beyond
The US government passed the Inflation Reduction Act of 2022 - a piece of legislation covering a broad spectrum of initiatives including several incentives for the installation of high efficiency home heating & cooling equipment. $4.3 billion has been allocated and will be distributed to individual states for administering rebates on ENERGY STAR certified equipment. Also, this initiative is to include an extension & expansion of the existing 25C federal tax credits that - in 2022 allocated $300 for qualifying air conditioners; $300 for qualifying heat pumps; and $200 for 95% gas furnaces. Funds will be allocated to state energy offices with a fair amount of discretion on how they will be used. Funding allocations will vary from state-to-state and depending on the state, rebate programs may take some time to get implemented. Also, only households earning less than 80% of the median income can qualify for the full benefit ($8000 for heat pumps). Those households earning 80% to 150% of the average median income may be eligible for a partial benefit ($2000 for heat pumps). We will try to keep you informed here in this space once more specific information becomes available.
