Save Money on a Heat Pump Installation
Last month’s article about heat pumps pointed out the value of air-source heat pumps as a clean-energy source, their efficiency, the ease of use for both heating and cooling your home and that cold-climate units are now appropriate for Iowa homes.
This month’s focus is on saving money when you install a heat pump. Here’s how:
Any time you install a new HVAC system, it’s important to tighten up your home first so your new system will reach maximum potential. That task may include replenishing insulation, caulking and/or conducting an energy audit to determine if additional steps are needed. These actions can jump-start your path to saving on your utility bills.
Recognize that because of their high efficiency, your heat pump will be more cost-effective than other heating systems in the long run. The savings will accumulate year after year.
Check with us to learn more about rebates. At the same time, we can also provide more details on the process and answer your questions.
Review federal tax credits. Beginning in 2023, there are Inflation Reduction Act federal tax incentives available of 30% of the total cost and labor (up to $2,000), in addition to $1,200 in tax credits for other energy-saving renovations and appliances. These additional credits are available for air sealing; home energy audits; and upgrading your electrical supply, if necessary, for the efficiency projects.
For more information:
IRS Fact Sheet: https://www.irs.gov/pub/taxpros/fs-2022-40.pdf
Energy Star: https://www.energystar.gov/about/federal_tax_credits/air_source_heat_pumps