Real Estate Weekly Volume 29 Issue 11&12 | Page 24

New Tax Credits Increase Appeal of Heat Pumps for Homeowners

More and more people are turning to heat pumps to heat and cool their homes . It is estimated that 18 million American households already use them . With new energy incentives being offered , and more homeowners choosing greener technologies , that number is expected to rise dramatically .
What is a heat pump ? Heat pumps are powered by electricity and transfer heat using refrigerant . Heat pump technology moves heat outside your home in warmer months and is able to pull heat into your home during cooler months . Here are three reasons to consider one for your home :
1 . Sustainability . Heat pumps are electric and don ’ t burn fossil fuels like furnaces do , making them more environmentally friendly . In fact , heat pumps are becoming the heating , ventilation , and air conditioning ( HVAC ) industry go-to for reducing consumers ’ carbon footprints .
2 . Control . Newer two-stage and variable speed heat pumps offer high- and low-stage heating to warm your space when outdoor weather changes ; they operate more efficiently for longer periods of time at lower speeds and use less energy . They provide more precise temperature controls and more consistent comfort . Both options contribute to managing humidity levels too .
3 . Technology . Heat pumps today are more advanced than ever and handle both heating and cooling by redistributing air . Carrier ’ s Infinity 24 Heat Pump with Greenspeed Intelligence operates at temperatures down to -15 degrees Fahrenheit , making heat pumps an advanced solution for mild and colder climates . Does your region get colder than that ? Heat pumps can be combined with a gas furnace for a dual fuel system that is energy efficient and cost effective . Looking ahead , heat pumps that work in colder temperature are in development and will be available soon .
Get the Right Size
There are several factors that go into picking your ideal heat pump . The size of your home , climate , sun exposure , desired features and ductwork all play into the size of heat pump . An undersized unit will work overtime to hit target temperatures . A unit that is too large will achieve the desired temperature before its cycle is complete and waste energy . It is best to work with a professional dealer in choosing the heat pump that is best for your home .
Money-Saving Tips
Heat pumps , including installation , can range anywhere from $ 3,000 to $ 15,000 or more . Thankfully , there are many cost-saving options for homeowners .
The Inflation Reduction Act of 2022 includes federal tax credits that reward homeowners for purchasing certain high-efficiency HVAC equipment , including many of Carrier ’ s line of heat pumps . Up to $ 8,000 in tax credits are available for all-electric heat pumps .
Lower energy consumption means energy bill savings , up to $ 500 on energy bills every year in some cases . Look for Energy Star certification and Seasonal Energy Efficiency Ratio ( SEER ) ratings . The SEER rating is like your car ’ s mileage per gallon – the higher the number , the greater the potential for savings .
Many manufacturers and utility companies also offer rebates and low-rate financing . For example , Carrier ’ s heat pump rebate offerings are listed on their website . At the time of this publication , up to $ 1,300 in rebates are being offered for most units .
Beyond the basics , today ’ s heat pumps offer new comfort-enhancing , energy-saving features that could help you reduce your heating costs .
( StatePoint )
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