Don't forget to take advantage of potential tax credits and rebates.
At Durastar, we aim to keep our customers fully informed. One way we accomplish that is by ensuring we provide the most up-to-date information about potential HVAC tax credits and rebates. Below we have shared need-to-know details regarding the Inflation Reduction Act (IRA) and the Tax Credit Extension. Furthermore, we have outlined qualifications and programs your Durastar equipment might be eligible to receive. If you have questions regarding your eligibility for tax credits and rebates, contact your contractor directly.
What is the inflation reduction act?
The Inflation Reduction Act is a legislative package that incentivizes energy efficiency improvements, such as new or updated heating and cooling systems. On this page, learn about the enhanced tax incentives and the new state-administrated point-of-sale rebate program.
Valuable and long-Term Tax credit Extension
Effective January 1, 2023, through December 31, 2032
No lifetime tax credit cap
Not limited to primary residences
No income requirements
Increases the percentage of the credit from 10% to 30% of equipment and installation cost
Up to $2,000 tax credit for eligible heat pumps
Annual $1,200 non-refundable cap for eligible HVAC systems, insulation, and air sealing
Qualifications
Split heat pumps
Meet or exceed CEE highest efficiency tier (excluding advanced tier)
To qualify, homeowners must owe taxes
Tax credit offsets federal taxes owed
High-Efficiency Electric Home Rebate Program (HEEHRP)
Program launch is expected no sooner than late 2023 / early 2024
Funds apportioned to states based on population formula
Eligible heat pumps systems are ENERGY STAR® certified
States could contract rebate function to 3rd parties for multifamily customers for installation of electrification equipment