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How the Inflation Reduction Act Impacts HVAC Costs

The Inflation Reduction Act is making major impacts on HVAC costs all across the country. Thanks to this new law, homeowners are now able to take advantage of tax credits and rebates when they take steps to make their homes more energy efficient. If you live in Philadelphia, Sanks Mechanical can upgrade your HVAC system so you can earn these new tax incentives. Here’s how the Inflation Reduction Act impacts HVAC costs.

How the Inflation Reduction Act Impacts HVAC Costs

If you’re interested in taking advantage of the Inflation Reduction Act, here are a few things you can do to improve your home’s energy efficiency. Making these improvements will allow you to earn tax credits and help you save on energy costs in the long run.

Install a Heat Pump

Installing a heat pump for your HVAC system could make you eligible for several tax advantages under the Inflation Reduction Act. Although HVAC heat pumps can be very expensive, they can cut your heating costs in half. In 2023, homeowners will be able to earn up to $2,000 in tax credits when they install a heat pump. Income-eligible households get an even sweeter deal because they can also get a rebate of up to $8,000 when they install HVAC heat pumps. Rebates, tax credits, and increased efficiency equal a huge win for you and the environment.

Upgrade Your HVAC System

If you upgrade your HVAC system to a qualifying, energy-efficient model, you may be able to earn up to $600 back on your taxes. This credit also applies if you make electrical upgrades that substantially improve your HVAC system’s efficiency to meet the requirements. Gas, propane, and electric HVAC systems are eligible for this $600 credit.

Hire a Professional

While you may be eligible to earn rebates and tax credits if you complete these projects yourself, some upgrades require you to work with a professional to earn the credit or rebate. Hiring a professional can also help ensure safety and quality.

Keep Caps in Mind

It’s important to note that there are caps placed on tax credits and rebates. You can only earn back a certain amount each year, so you should choose wisely when deciding which improvement projects to complete.

Contact Sanks Mechanical Today for HVAC Upgrades

Now that you’ve learned how the Inflation Reduction Act impacts HVAC costs, you may be eager to get started on your improvements. You can reach out to Sanks Mechanical for all your HVAC system upgrade and improvement needs. Contact us today to schedule your service with our trusted and certified company.

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