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Federal Tax Credits

Inflation Reduction Act of 2022

If you are considering upgrading your aging heating and cooling system with a more energy-efficient model, now might be the perfect time. Thanks to the Inflation Reduction Act of 2022, homeowners may qualify for federal tax credit benefits when making energy-efficient upgrades to their home.

Savings Up to $2,600 on Qualifying HVAC Systems

The Inflation Reduction Act offers a tax credit to homeowners equal to 30% of installation costs for the highest efficiency tier products, up to a maximum of $600 for qualified air conditioners and furnaces, and a maximum of $2,000 for qualified heat pumps.

Equiptment Type Tax Credit*
Heat Pump 30% of Cost Up to $2,000
Air Conditioners 30% of Cost Up to $600
Gas Furnaces 30% of Cost Up to $600
Water Heaters 30% of Cost Up to $600
Heat Pump Water Heaters 30% of Cost Up to $2,000
Geothermal 30% of Installation Costs
*On qualifying equipment purchase

30% Geothermal Tax Credits Extended Through 2032

Any geothermal equipment that uses the stored solar energy from the ground for heating and cooling and that meets ENERGY STAR requirements at the time of installation is eligible for a 30% tax credit.  The geothermal tax credit has no limit and there’s no limitation on the number of times the credit can be claimed.

The tax credit will drop to 26% in 2033 and to 22% in 2034 before expiring altogether, so act now for the most savings!