Hot Topics     Home and Family    

New tax credits increase appeal of heat pumps for homeowners



More homeowners choosing greener technologies

tax credits and heat pumps

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)
PHOTO SOURCE: (c) Westend61 / Getty Images


Other articles by HVP News Reporters


  • Choose to move

    5 ways to help manage osteoarthritis

    Osteoarthritis (OA) is the most common form of arthritis and affects over 32.5 million U.S. adults. OA is a degenerative joint disease that causes pain and stiffness and can lead to limited function. read more »
  • Make these 10 doctor-recommended health resolutions in the new year

    Tips to help you get started

    The New Year is the perfect time to hit the reset button on your health and wellness. Not sure where to start? Doctors say you can make the biggest impact with small, incremental tweaks to your routine. read more »
  • Serve plant-based sweets this holiday season

    Try these dairy free salted caramel cupcakes

    Make this year’s festivities truly memorable by adding a touch of sweetness to holiday celebrations with this delightful combination of fluffy cupcakes, creamy frosting and a heavenly caramel drizzle. read more »
  • A full menu of festive holiday flavor

    From the main dish to dessert

    Cooking up a successful holiday gathering calls for everyone’s favorite recipes. From the centerpiece main dish to fresh salads and appetizers, roasted sides, and baked sweets, you can take seasonal get-togethers up a notch by mixing traditional classics with newfound favorites. read more »
  • Charity scam prevention tips

    How you can tell the difference

    The charitable spirit of New Yorkers is at an all-time high during the holiday season, so this week’s tips are meant to serve as a guide when choosing causes to donate to so donations get to the right place and not in the hands of scammers. read more »
  • A delicious way to support your immune system

    2 recipes your family is going to love

    Bolstering your immune system during winter, when coughs and colds seem to take control, is a must for the entire family. Supporting your wellness can start in a simple place – with the foods you eat and drink. read more »
  • Prevent package thefts during the holiday season

    Tips from the Department of State's Consumer Protection Division

    Tips on how you can protect yourself from thieves that are trying to steal both your holiday packages and your identity. read more »
  • Want to achieve your goals? Write them down

    Meet the newest winner of the G2 Overachievers Grant

    If you have a big idea, goal or dream about helping others, writing down your vision can help. Studies show you’re 42% more likely to achieve your goals if you write them down. read more »
  • 5 things we learned about Alzheimer’s Disease in 2023

    It was a landmark year for research

    2023 was a landmark year for Alzheimer’s disease research, including advancements in treatment, risk factors and diagnosis. Here are five significant discoveries made this year. read more »
  • Winter comfort hacks for contact lens wearers

    One in five contact lens wearers find lenses to be less comfortable by the end of the day. If that describes you, you may already know that cold air, wind, and indoor heating, especially during winter, can bring additional challenges. read more »