If your HVAC system is on its last legs, the cost of HVAC replacement is probably on your mind. Luckily, if you pick energy-efficient HVAC options when the time for replacement comes, there are several 2024 HVAC Tax Incentives available to you to help you make the financial investment easier. By maximizing your savings through HVAC tax incentives, you will save on both installation and long-term energy costs by using less energy. We’re here to tell you what you need to know about the available federal tax incentives for HVAC systems.
The Inflation Reduction Act (IRA) Federal HVAC Tax Incentives
About the Inflation Reduction Act
Many of the federal tax incentives for HVAC in 2024 are available through the Inflation Reduction Act (IRA). The IRA was passed by congress in 2022 to address climate change, lower costs, and promote clean energy. As a part of its efforts to promote clean energy, the IRA provides homeowners nationwide with HVAC tax incentives for clean energy upgrades. Two 2024 HVAC tax incentives, the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit, are available through the Inflation Reduction Act.
Energy Efficient Home Improvement Credit
The Energy Efficient Home Improvement Credit is the first federal tax incentive for HVAC available through the IRA. It provides homeowners with the opportunity to save money while upgrading their HVAC systems to be more energy-efficient. This credit allows you to claim up to 30% of the costs associated with eligible HVAC and other energy-efficient home improvements. The maximum credit varies based on what energy-efficiency home upgrade you are making. You can receive up to $600 for installing high-efficiency air conditioners or furnaces and up to $2,000 for energy-efficient heat pumps. By taking advantage of this federal tax incentive for HVAC, homeowners can alleviate the financial burden of replacing or upgrading their HVAC systems, all while enhancing your home’s energy efficiency and reducing monthly energy costs.
Residential Clean Energy Credit
The Residential Clean Energy Credit is a part of the Inflation Reduction Act that focuses on installation of renewable energy technologies, including HVAC solutions like geothermal heat pumps. Under this credit, homeowners can claim 30% of the installation costs for qualifying renewable energy systems, such as geothermal heating and cooling systems. Unlike the Energy Efficient Home Improvement Credit, there is no cap on the Residential Clean Energy HVAC credit amount. If you’re considering investing in high-efficiency HVAC options, you can take advantage of this HVAC federal tax incentive to make the investment easier. With your energy-efficiency HVAC upgrades, you’ll be able to enjoy lower energy bills while also having the chance to reduce your carbon footprint and know you’re making a better impact on the environment.
Upgrade Your HVAC with Attyx
If you’re looking to upgrade your HVAC system, Attyx is ready to assist you. Our skilled professionals understand the latest technologies and can recommend the best energy-efficient solutions for your home. Not only can a new system enhance your comfort, but it can also significantly lower your energy bills and benefit the environment. Our knowledgeable team is here to help provide you with the support you need while you navigate HVAC tax incentives and installation. Let us help you make a smart investment in your home’s comfort and efficiency.
