Are you worried about the rising cost of natural gas and home heating this upcoming winter? If you are on a tight budget, then even a slight increase in these prices will cause you major trouble.
President Biden is aware of this and has introduced several financial incentives for homeowners like you so you can reduce your heating costs and keep within your budget. The credits and rebates you want to keep in mind are for heat pumps since they are the biggest ones offered.
Keep reading to find out more about the heat pump rebate, so you can take advantage of it and save on both your heating and cooling bills.
What Is a Heat Pump?
You might be using an electric baseboard heater currently to heat your home. Well, a heat pump is a device that heats a building using the refrigeration cycle and transferring thermal energy from the outside inwards. It can also cool a building in the opposite manner.
Even though an electric baseboard heater is much cheaper to install, a heat pump is very efficient when it comes to heating a home and is much cheaper in the long run. This is because it can help you reduce your heating and cooling costs. It’s also better for the environment.
What Is the Heat Pump Rebate Offered?
The reason why most homeowners don’t consider a heat pump is that it can be so expensive to install. But with President Biden’s Inflation Reduction Act rebates, you will be able to get a heat pump for 30-70% off depending on your income level.
Starting in 2023 (and through to 2032), all homeowners will be eligible to get a 30% federal tax credit when they purchase and install a heat pump. The maximum credit is $2,000.
If your income is less than 150% of the state median income, you are eligible for up to $1,750 for a heat-pump water heater and $8,000 for a heat pump for space heating.
On the other hand, if your income is less than 80% of the state median income, you qualify for a full rebate! That is, you could potentially get $9,750 back.
In between 80 to 150% of the state median income, you qualify for 50% of the rebate, which translates to $4,875 back.
Make sure to do some research on the various heat pump brands to see which one suits your needs best, before deciding on a provider.
Ready to Get Your Free Heat Pump This Winter?
It’s so important to inform yourself of all the possible ways you can save money, especially as a homeowner who is strapped for cash. It’s time you took advantage of the heat pump rebate and reduced your heating and cooling costs for good.
Interested in learning more wise saving tips like this one? Glance through our blog and you will find the best consumer financial information and reviews there, that you can start applying to your daily life today.
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