Updated January 26, 2023
Homeowners in the Delaware Valley – have NEW ways to save on new energy-efficient heating and cooling systems this year. When you purchase your new energy-efficient HVAC system in 2023 you can now take advantage of newly updated rebates and incentives.
The Inflation Reduction Act (IRA) of 2022 rewards consumers for making climate-friendly choices when upgrading their HVAC systems.
It incentivizes the purchase of energy efficient HVAC units, AC units and boilers. It ups the annual credit cap to $2,000 per year for items like über-efficient heat pump air conditioners, heat pump water heaters, and boilers. If you’re unsure which changes to make, the new law also offers a $150 tax credit per household for a home energy audit.
- PECO Home Rebates
- EAP HVAC Rebate Program
- Federal Tax Credits
While some of these are year-round, others will see their terms and rates change this summer. And, the some are for a limited time only.
Peco Home Rebates Rates For 2021
PECO Home Rebates For 2023
Once again PECO is providing incentives to homeowners who purchase energy efficient HVAC systems – this time with a little grace system added in.
Up until May of 2023 PECO will honor rebates on new HVAC installations with a SEER rating of between 15 – 17.9. After June 1, 2023, PECO will only offer rebates on SEER2 rated HVAC systems.
- SEER, EER, HSPF
- SEER2, EER2, HSPF2
A Popular Program
The PECO rebate program has proven to be a popular program over the years, making purchasing efficient residential HVAC systems more affordable. And 2023 is no different. In fact the available rebates are even more generous in 2023.
With folks working from home and being able to take advantage of “flex” scheduling, having a comfortable home environment is more important than ever.
“With people working from home and kids going to school virtually, everyone’s using more energy,” PECO noted.
“People have looked for things to do, from simple ways to reduce energy up to renovating their homes.”
And, the savings don’t stop there.
Electrical Association Of Philadelphia HVAC Rebate Program 2023
The Electrical Association of Philadelphia, or EAP, offers a Residential HVAC Rebate Program. You can get instant discounts on heat pumps, ductless mini splits, and central air units when you work with a qualified contractor.
The rebates include:
$500 to $1,000 for central air systems
$600 to $1,200 for heat pump systems
$150 per outdoor unit for a single-zone mini split
$100 per head for a multi-zone mini split
You can find the exact specifications here, but not until early February of 2023. The big advantage is that you don’t have to wait for a rebate check to arrive in the mail.
Instead, you’ll see the deduction on your bill before you pay the contractor.
It’s worth noting that you can’t combine this offer with a rebate from a manufacturer. But, you can pair this with the PECO’s Home Rebates program.
Both groups have different specifications. The EAP measures efficiency ratings while PECO bases its offer on a unit’s tonnage.
But, plenty of units overlap, so you can take advantage of both. We can help you find one that qualifies for both.
“Not only does the purchase a qualifying system save you money, you’ll also use less energy, reducing your monthly energy bill,” said EAP Program Manager Matt Deibert.
Federal Tax Credits
Federal Tax Credits For 2023
The federal tax credit covers up to 30% of qualifying heat pumps’ purchase and installation labor costs (up to $3,200). This credit applies to new and existing homes and can be claimed in the same tax year as the purchase was made, starting in 2023 and ending in 2032.
This is a significant upgrade over the tax credits previously enjoyed in 2022. Improvements such as installing heat pumps, heat pump water heaters, insulation, doors and windows, as well as electrical panel upgrades, home energy audits and more, are covered by the tax credits and can help families save money on their monthly energy bills for years to come.
Your Cipillone HVAC technician can help you locate the correct tax filing form and provide you with the information that your need to maximize your tax refund.
When you’re ready to start planning our new HVAC system, call us here at John Cipollone.
We’ll help you pick out the best equipment for your Havertown, PA home. And, we’ll make sure you pay as little as possible for it.