Inflation Reduction Act
John's Air Conditioning and Heating
At John’s Air Conditioning & Heating, we’re excited to share that you can take advantage of new tax credits and rebates when you upgrade your HVAC system and lower your energy usage. Thanks to the Inflation Reduction Act passed in August 2022, you can save significantly on your next HVAC purchase. So if you’re considering upgrading your system, now is the perfect time to do so! You may want to consider a different system altogether, as heat pump rebates are one of the largest rebates you can receive in Brandon, Hillsborough, Pasco, FL, and the surrounding areas. Since this is a newer law, the details still need to be fully flushed out by state and federal governments, including the eligible HVAC systems on which you can claim the tax credits and rebates. We don’t want you to miss out, as a better, more high-efficiency option will save you money and reduce your carbon footprint! Make sure to check back on this page for more information.
Here's A General Guideline Of The Tax Credits And Rebates
While not all the details are available, we do know some key information: what you’re eligible for:
The Energy Efficient Home Improvement Credit
Homeowners are potentially eligible for the tax credits related to the Energy Efficient Home Improvement Credit. The credit is a maximum of $1,200 annually starting in 2023 and includes the following:
- $600 for qualified air conditioners and heaters
- $2,000 for qualified heat pumps, heat pump water heaters, and boilers (the $1,200 can be exceeded in this instance)
The High-Efficiency Electric Home Rebate Act & the HOMES Rebate Program
The High-Efficiency Electric Home Rebate Act (HEEHRA) and the HOMES Rebate Program are both designed to incentivize homeowners to prioritize energy efficiency. The HEEHRA offers an instant rebate of up to $14,000 for homeowners who make qualifying upgrades, and the HOMES Rebate Program offers an instant rebate of up to $8,000 for low and mid-income households. The HOMES Rebate is an excellent rebate for anyone looking to cut their energy costs. You cannot combine these rebates, but you can apply for one rebate program and the Energy Efficient Home Improvement Credit.
Low-Income Households
Homeowners with a low-income household (earning less than 80% of your area’s median income) qualify for 100% of the project costs for eligible products within the High-Efficiency Electric Home Rebate Act & HOMES Rebate Program.
You can receive up to the following amount in rebates for HEEHRA electrification projects:
- $8,000 for heat pumps
- $1,750 for a heat pump water heater
- $4,000 for an upgraded breaker box
- $2,500 for upgraded electrical wiring
- $1,600 for insulation, ventilation, and sealing
You can receive up to the following amount in rebates under the HOMES Rebate:
- $4,000 for cutting your energy by 20%
- $8,000 for cutting your energy by 35%
Mid-Income Households
Homeowners with a mid-income household (earning between 80% & 150% of their area’s median income) qualify for 50% of the project costs for eligible products within the High-Efficiency Electric Home Rebate Act & HOMES Rebate Program.
Meaning you can receive up to the following amount in rebates for HEEHRA:
- $8,000 for heat pumps
- $1,750 for a heat pump water heater
- $4,000 for an upgraded breaker box
- $2,500 for upgraded electrical wiring
- $1,600 for insulation, ventilation, and sealing
And you can receive up to the following amount under the HOMES Rebate:
- $2,000 for cutting your energy by 20%
- $4,000 for cutting your energy by 35%
High-Income Households
Homeowners with a high-income household (earning 150%+ of their area’s median income) only qualify for the HOMES Rebate Program. Like the mid-income households, you can receive up to:
- $2,000 for cutting your energy by 20%
- $4,000 for cutting your energy by 35%
Ready To Save?
If you’re curious about how to save on your energy usage, reach out to our experts today. Our team will be happy to help! Make sure to schedule a tune-up on your system, too, as that can save as much as 15% of energy consumption. Remember to return to this web page for more information on these heat pump and air conditioner rebates in Brandon, Hillsborough, Pasco, FL, and the surrounding areas. We’ll update it as soon as the information is available for you. When you’re ready, you can count on our professionals! John’s Air Conditioning & Heating has served the community for over 40 years, and we are fully trained on these new HVAC systems. Call us today at 813-689-2722.
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