Understanding Energy Efficiency Tax Credits
Did you know?
The Inflation Reduction Act (IRA) of 2022 provides federal tax credits and deductions that empower Americans to make homes and buildings more energy-efficient to help reduce energy costs while reducing demand as we transition to cleaner energy sources.
From our friends at ENERGY STAR:
New federal income tax credits are available through 2032 providing up to $3,200 annually to lower the cost of energy efficient home upgrades by up to 30 percent. Improvements such as installing heat pumps, heat pump water heaters, insulation, doors and windows, as well as electrical panel upgrades, home energy audits and more, are covered by the tax credits and can help families save money on their monthly energy bills for years to come.
What does it mean?
In short, if you are in the market for a new HVAC system or just wanting to upgrade your existing system to a more modern, more energy efficient system, the IRA could end up saving you hundreds, if not thousands, on your overall project costs. And, in addition to the benefits of immediate system savings, your new equipment will save you money over time by keeping your home comfortable in a more efficient and more environmentally friendly way.
In other words, savings for today…and continued savings for tomorrow!
We’re here to help.
CTR Heating & Air Conditioning offers products that qualify for the 25C tax credit. We’re happy to provide more information on these tax credits, including how to combine tax savings AND the latest rebates to maximize your savings and minimize your out-of-pocket expenses. Give us a call or schedule an online appointment today to get started.
