Government rebates and credits are available to help you upgrade your inefficient water heater to a more effective heat pump.
Rebates and credits vary, but you could save around $1,500 initially and even more in the long run by installing a heat pump.
A family of four in the Northeast could also save over $2,000 after switching from natural gas heating and over $5,000 after switching from electric resistance heating over the course of a heat pump's lifetime.
This is all because of the Inflation Reduction Act, which also provides tax benefits for installing solar panels and buying an electric vehicle. This legislation makes home renovations and other lifestyle changes more accessible and affordable. It also allows the average consumer to make choices that create less pollution and help our environment thrive.
While the IRA is in effect for now, President Donald Trump has stated that he wants to eliminate these rebates and credits. According to the Salt Lake Tribune, this would prevent over $1 trillion from being invested in green technology and, by extension, the well-being of everyday people over the next decade.
Out of 15,000 readers polled by The Cool Down, about 55% of them agree that the government should continue to offer tax incentives like the IRA in all cases.
It would ultimately be up to Congress to make any changes to the IRA. Regardless, taking advantage of these rebates sooner than later will guarantee that you benefit the most from them.
There are many options out there that qualify for government rebates and credits. For instance, Cala offers intelligent heat pump water heaters and is beginning to deliver its products this year. Its water heaters are "intelligent" because they heat up water at the cheapest and most efficient time of day; their habits are also customizable through an app.
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Though the up-front cost might be more than continuing to use natural gas or oil, a heat pump water heater can allow you to save money on your energy bill and reduce your environmental impact by using cleaner energy.
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