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Thanks to the recent legislation passed by the U.S. Government, handling the costs of installing the heating and cooling is now easier. The recent enactment of the Inflation Reduction Act of 2022 has been designed to provide some financial relief for these expensive investments. If you’re getting ready to install a new HVAC system at home or in your business, learn how to take advantage of this year’s federal tax credits.
It isn’t a secret that we are in the middle of another inflation. The US Government passed the Inflation Reduction Act in response to the difficulties that rapidly rising prices pose for many Americans. This law offers businesses and homeowners a selection of tax credits and rebates that incentivize them to make high-energy-efficient upgrades. Not only does this help individuals cut costs, but it also takes steps toward decreasing their carbon footprint.
The Inflation Reduction Act provides up to $2,000 in tax credits for those who purchase any range of energy-efficient upgrades from 2023 to 2032. To take advantage of this tax credit, you must select an HVAC product that meets the energy-efficiency ratings set forth for your state. Below, we provide the criteria and the maximum tax credit amount available for each ENERGY STAR-certified product in Florida.
A maximum $600 tax credit is available for gas-fired forced air furnace purchases with a 97% AFUE rating.
The following air conditioning systems can qualify for up to $600 in tax credits if they meet the following standards:
You can earn up to $2,000 in tax credits when you purchase these types of heat pumps that meet the required ratings:
These tax credits sound impressive, but it doesn’t stop there. The government also designed a High-Efficiency Electric Home Rebate Program (HEEHRP), which is a program that provides rebates on purchases of heaters, air conditioners, and even generators based on how much a household makes in comparison to the total median income. Currently, you can qualify for either a 100% or 50% rebate based on the following criteria:
100% – Household income must be 80% of the total local median income
50% – Household income must be between 80% to 150% of the total local median income
0% – For those who make over 150% of the total local median income.
These programs will be available for as long as their funds exist. Call us now to learn how to take advantage of this offer while upgrading your home’s HVAC equipment. Live comfortably while spending less with the help of the provisions of the Inflation Reduction Act. Contact us for help with your purchase and installation needs at (813) 945-8791.