Save Money When You Upgrade Your HVAC System
Are you looking for ways to cut down on your home’s energy bills and be more environmentally conscious at the same time? Look no further than the HVAC tax incentives available starting in 2023 through the Inflation Reduction Act of 2022. This act provides federal tax credits and deductions for homeowners who make their homes more energy efficient. In this blog post, we’ll share what you need to know about this act and how you can potentially qualify for tax incentives by upgrading your HVAC system.
The Inflation Reduction Act of 2022
Firstly, let’s understand what the Inflation Reduction Act of 2022 (IRA) entails. It was introduced to provide new and more efficient ways for eligible taxpayers to receive the credits and deductions for which they qualified. Additionally, it promotes energy efficiency and the reduction of carbon emissions by incentivizing homeowners to invest in more sustainable and energy-efficient systems.
So, how can you make your home more energy efficient to qualify for these tax incentives? Simple: think HVAC system upgrades to high-efficiency systems. For example, by switching to a geothermal heat pump system and installing a smart thermostat, you could potentially qualify for tax deductions or credits. These energy-efficient systems will help reduce your carbon footprint, save you money in energy bills, and help you qualify for tax incentives.
Using ENERGY STAR-Rated Products
The Inflation Reduction Act of 2022 allows federal income tax credits for energy-efficient home improvements for up to 10 years until 2032. A wide range of ENERGY STAR-certified equipment is eligible for these tax credits. The products certified under ENERGY STAR are independently tested for energy efficiency, so you can rely on them to cut down on your energy bills while also making a positive impact on the environment.
Additionally, ENERGY STAR-certified systems tend to last longer, run better, and offer more comfort than their traditional counterparts. They are also quieter and have better indoor air quality with improved humidity control. All of these benefits translate into a healthier, more comfortable, and sustainable living environment for you and your family.
How Much Do You Stand to Save?
It depends. The amount of money you can save with these incentives will vary based on the upgrade you make, the size of your home, and where you live. However, the tax incentives could help recoup up to 30% of your HVAC system upgrade cost. Plus, the energy savings you achieve from these upgrades will reduce your energy bills long-term.
Don’t Delay; Begin Planning Your HVAC Upgrade Today
Take advantage of the benefits of these tax incentives while they last. Though they don’t expire until 2032, the sooner you act, the sooner you can start saving money.Furthermore, with cost of living expected to rise, even with measures like the IRA aimed at slowing inflation, the price of new systems will only go up. If you know you need a new HVAC system, there is no better time than the present to begin planning your upgrade.
You may want to replace your HVAC system if you have any of the following issues:
- Your HVAC system is over 15 years old and requires frequent repairs.
- The heating or cooling in your home is uneven.
- Your energy bills have spiked despite normal usage.
- Your HVAC system produces strange noises such as rattling, buzzing, or grinding sounds.
- The HVAC system releases bad odors like moldy or musty smells.
- There is a visible presence of mold, mildew, or excessive dust around your system.
- The air quality in your home is poor, and allergy symptoms have increased.
- Your repair cost exceeds the price of a new system or the value of your existing system.
If you're experiencing any of these signs with your current HVAC system, it may be time to consider replacing it with a newer model that meets the latest efficiency standards and can provide long-lasting performance for years to come. Speak with an experienced technician at Premier Indoor Comfort Systems, LLC, today to learn more about the benefits of modern HVAC systems!