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The Inflation Reduction Act is finally on its way!
In an effort to reduce energy consumption in the home, the IRA has effectively reinstated and expanded upon a nonrefundable tax credit for 2023 called the “Energy Efficient Home Improvement Credit” (AKA Section 25C).
The Energy Efficient Home Improvement Credit (Section 25C) subsidizes specific investments put into your home that reduces energy consumption like switching to a more efficient HVAC system! Homeowners that have had any HVAC replacements/installations occurring after January 1st, 2023 may be eligible to receive a tax credit equal to 30% of the total installation cost up to $1,200 per taxable year with a $600 cap for each AC and furnace. Even better, for select heat pump installations, the credit can go up to $2,000 on top of the $1,200! So with an approved heat pump and other qualifying investments, the credit can be up to $3,200!
Bundle It With Yuhan!
Along with PSE&G’s Instant Rebate program, which can go up to $900 for each piece of equipment, you can save thousands on your replacement/installation invoice. If you pair those together with PSE&G’s 0% interest financing for up to $25,000 and our 10-year labor warranty program, you can save even more on repair costs and maintenance fees without having to pay one huge lump sum!
Looking For An HVAC Replacement?
We have options available for installing/replacing the newest AC, furnace, and heat pump systems that meet the minimum efficiency requirements for these programs so that you can keep a little more money in your pocket! Don’t hesitate to ask our comfort consultants about these programs during your estimate visit.
While this is all exciting, it’s important to note that there are a few final things that the IRS needs to finalize, namely the criteria for the equipment. While the benefits have been announced, the IRS has yet to officially adopt the CEE’s current criteria for qualifying equipment. We’ll bring you updates as more information gets released.