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With Joe Biden's recent signing of the Inflation Reduction Act on August 16th, 2022, homeowners and contractors can rejoice at the number of rebates and incentives to move towards clean green home comfort solutions.
Together with our parnter at Carrier Enterprise, we bring you information on the Inflation Reduction Act and how it may affect you and the HVAC industry!
Recently, the President passed the Inflation Reduction Act, which will provide roughly $369 billion to various clean energy initiatives over the next 10 years.
For the HVAC industry, this is an exciting affair since homeowners and qualifying consumers alike can cash in on a number of different rebates and incentives!
Rebates Galore!
The High-Efficiency Electric Home Rebate Program has funding to give up to $14,000 per household with:
• Up to $8,000 for heat pump installations that will both heat and cool homes
• Up to $4,000 for electrical panel upgrades
• Up to $1,600 for home insulation and sealing
• Up to $2,500 for home electrical wiring improvements
• Up to $1,750 for homes converting to a heat pump water heater
Are You Eligible?
To cash in on some of the rebates outlined previously, each household's income will be assessed for eligibility. Outlined by Lennox, they say:
"Eligibility and the amount of the rebate depends on household income. For households below 80% of area median income, 100% of the system purchase price qualifies for the rebate. For households that fall within 80% to 150% of area median income, 50% of the system purchase price qualifies for the rebate. Households above 150% of area median income do not qualify for the HEEHRP rebate" - Lennox
Get Excited!
We, YUHAN Heating & Cooling, will provide specific details that are currently being developed as they become available. We will continue to update our customers so they can save on these initiatives and so that everyone can be happy switching to a cleaner and greener comfort solution!
If you'd like to learn more about what the Inflation Reduction Act can mean for the HVAC industry, please visit:
Additionally, for homeowners and eligibility, this article by Lennox can also be helpful. To learn more, please visit:
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