In our previous blogs, we have covered the many benefits of choosing heat pump technology and how to get the most out of a heat pump system, including their eco-friendliness and ability to save you money over time by reducing energy bills. However, we have not elaborated on how the eco-friendly attributes of heat pumps can translate into substantial savings during installation. Thanks to government incentives aimed at promoting highly efficient technologies, the upfront costs of heat pump installation can be drastically reduced, and in some cases, even entirely covered.
One way homeowners can save is through federal rebates and tax credits. The Inflation Reduction Act’s Energy Efficient Home Improvement Tax Credit guarantees a $2,000 rebate on qualifying heat pumps (heat pumps with a thermal efficiency rating of at least 75%) to homeowners making the switch. In addition, the High-Efficiency Electric Home Rebate Program gives rebates of up to $8,000 for all electric heat pumps. Lastly, the federal government’s Tax Section 25D is a tax credit for homeowners that covers 30% of installation costs for ENERGY STAR® geothermal heat pumps.
If you are a Massachusetts homeowner, you can further capitalize on savings with state-specific incentives. MassSave offers rebates ranging from $10,000 to $16,000, on heat pump installations, with potential complete funding depending on your income eligibility. To further ease upfront costs, Massachusetts DOER loans offer 0% financing opportunities of up to $50,000.
Navigating rebates and incentives can be difficult. Your Genove consultant can help you identify the rebates you qualify for and help you with the paperwork.
If you know someone who could benefit from this blog, please share it.
If your question still needs answering or you would like to schedule a consultation, contact the friendly team at Genove Oil & Air, and we’ll help you find the right solution for your home or business.
Whether you need home heating oil or Bioheat delivery, or installation and service of oil & natural gas systems for HVAC, heating, and cooling—call us at 781-893-9191 or email us.
