Heating and cooling your home can be a big drain on both your wallet and the environment. However, some HVAC systems — such as a heat pump — are a lot more efficient, eco-friendly, and affordable than others. With the help of the Inflation Reduction Act, you can enjoy a ton of money in rebates when you install a heat pump in your home.

The scoop

The heat pump is a pretty amazing method of heating and cooling your home. It uses electricity to draw heat from the ground or cool outside air and then move it into your home. During warm months, it can do the opposite, drawing the heat from your home and sending it outside to keep you cool.

Heat pumps offer fantastic energy efficiency, extracting more heat energy from their environment than the energy required to run them. Because they run on electricity, they also have a lower impact on the environment than HVAC systems that run on gas or oil. Add their comparatively lower maintenance requirements to that list and you've got a highly cost-effective, eco-friendly means of heating and cooling your home.

So, what's the catch?

Well, there is the average upfront installation cost of around $6,000. That can be prohibitively expensive for many homeowners. But all is not lost if that number seems out of reach — there are potentially thousands of dollars of rebates available to you through the Inflation Reduction Act.

How it's working

The IRA offers a variety of tax credits to homeowners who opt for clean energy technology. They can get you up to $2,000 off your heat pump installation. Low-income households can potentially get up to $8,000 off.

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It's important to note that these rebates might not be around forever. In fact, President-elect Donald Trump has already discussed eliminating such subsidies on multiple occasions. Your best bet is to take advantage of these offers as soon as possible.

If you're interested in having a heat pump installed, take a look at EnergySage's Heat Pump Marketplace. It can find deals in your area and help you get the most out of your IRA rebates.

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