If you don’t have a heat pump yet, 2024 is your year. This is the best time in history to make the leap from air conditioner to heat pump. There are so many benefits, and the cost is lower than ever. We’d like to tell you all about how you can spend less and get more by choosing a heat pump instead of an air conditioner. Here are the details.
IRA: The Inflation Reduction Act
The Inflation Reduction Act of 2022 was created to help the environment and help ordinary Americans spend less on energy. It has the goals of doubling the number of jobs for Americans, being able to supply all the energy needs of American homes with clean energy by 2030, and cutting the annual energy spending of individuals by a thousand dollars! It also includes some major tax incentives.
The IRA has been law for some time now. But when it first went into effect, some of the benefits were more limited. Now, those benefits have expanded. And one of the ways you can get the most out of this legislation is with a tax credit for purchasing a heat pump.
Heat Pump Tax Credits
In 2022, there was a $300 tax credit for taxpayers who purchased a heat pump. This is certainly a lot more than nothing. But now, with the expanded tax credit, you can recoup 30% of the cost of your heat pump, up to an annual benefit of two thousand dollars! This makes it easier for Americans to save energy and have less impact on the environment.
Energy Savings
A heat pump can save you more money than just that tax credit, though. You’ll spend a lot less on your utility bills. How does that work? There are two things that make a big difference.
During the summer, your heat pump will be used as an air conditioner. But if you’ve got an aging air conditioner, which you probably do if you’re looking into replacement options, it’s not very efficient. Your new heat pump will use the latest in HVAC technology: materials for refrigerant coils that transfer heat more easily, variable-speed fans, and a multi-stage compressor that only operates at full power when absolutely necessary.
During the winter, the benefits are much greater. A heat pump uses so much less energy than a furnace that you’ll be shocked. How? Generating heat takes a ton of energy. But heat pumps simply transfer it from one place to another, no generating necessary. This is an incredibly efficient process in comparison.
Keep Your Heat Pump Happy
Because it does two jobs, working all year round, your heat pump will need twice-yearly maintenance to keep performing so efficiently. And if you do need heat pump repair in Washington, DC, make sure to have it done promptly so you won’t let a small problem turn into a major one or put stress on the compressor. With this routine care, your heat pump can keep you comfortable for many years.
Contact us today to schedule an appointment or ask any questions you have about heat pumps.