The current administration has signed the Inflation Reduction Act as a response to rising inflation, providing savings to homeowners and businesses. The act includes significant climate and energy programs as well as rebates which consumers can benefit from. For example, adding energy-efficient upgrades like a new HVAC installation to your Roswell home or business may qualify you for said rebates. Learn More Here! (Including How To Claim Your Credit)
How This Act Can Benefit You
The aim of the $369-billion climate and energy portion of the bill is to lower electricity costs as well as make energy-efficient appliances and upgrades more affordable by transitioning to cleaner energy more quickly. According to an analysis by CNBC, consumers could qualify for more than $10,000 in tax savings and rebates through this legislation.
Nationwide, consumers may receive benefits from upgrades and purchases such as:
- New and used electric, hybrid, or hydrogen fuel-cell vehicles
- Renewable energy harvesting equipment like solar panels, wind turbines, and more
- Home efficiency upgrades like new energy-efficient windows, doors, water heaters, and more
- Efficient appliance upgrades such as a new HVAC system, a water heater, and more
Major Savings for Your Household
On top of the savings through rebates and tax credits, recent studies have concluded that the average household would save between $170 and $220 per year in electricity costs through energy efficient upgrades. That amounts to roughly between $209 billion and $278 billion in total savings across the country over the next decade.
Act Now for Optimized Savings
Homeowners and businesses are advised to act now, allowing them ample time to make incremental upgrades and purchases over the next few years as their budget allows. The savings as a result of the legislation are frontloaded, so consumers are encouraged to start as soon as possible.
For example, with the residential clean energy credit, costs incurred from the beginning of 2022 to the end of 2032 would qualify for a 30% tax credit. Then, the credit would fall to 26% in 2033 and 22% in 2034, thus decreasing your savings if you wait too long.
This is an extension of the previous incentives which would have only provided a 26% break this year and a 22% break in 2023, after which the incentive would have ended.
Low- and middle-income consumers who purchase an HVAC installation for a heat pump before 2032 could see as much as $8,000 in rebates. To qualify for the High-Efficiency Electric Home Rebate Program, your household’s total annual income must be less than 150% of the median income of where you live.
So, in order to qualify for a rebate on HVAC installation in Roswell, a household’s income cannot exceed $158,869.
Let Air Control Handle Your HVAC Installation in Roswell
Our neighbors and businesses in Roswell and across Metro Atlanta have put their trust in Air Control Heating and Air since 1993 to provide quality, efficient, and reliable HVAC installations, maintenance, and more.
Our team has decades of experience maintaining and installing HVAC systems and can help you choose the right one for you to get the most out of the recent legislation. Our trained technicians are committed to providing the prompt, friendly, and trusted service that is the key to our continued success.