Inflation Reduction Act Makes Tax Credits and Rebates Available for Energy-Efficient Upgrades

American Residential Services® (“ARS”) Can Help Homeowners Navigate Cost-Saving Opportunities

MEMPHIS, Tenn., June 15, 2023 /PRNewswire/ — Homeowners can make their homes more energy efficient while taking advantage of financial incentives included in the Inflation Reduction Act that was signed in August 2022.

ARS, a nationwide network of company-owned heating, cooling, plumbing, and sewer and drain service companies, is helping homeowners navigate the incentives created by the new law.

“One of the main purposes of the Inflation Reduction Act is to incentivize making energy efficient improvements to the home,” says Scott Boose, President and CEO of ARS. “Consumer tax credits and rebates will be made available for high-efficiency products like heat pumps, electrical upgrades, and insulation improvements.”

Right now, eligible homeowners can take advantage of tax credits for home improvements for heat pumps, heat pump water heaters, qualifying HVAC systems, and certain other efficiency improvement projects, such as improving insulation. Homeowners can receive an annual tax credit of up to $3,200 per year for these projects.

“The tax incentives are available immediately, and these benefits combined with seasonal discounts make this the ideal time to contact your local ARS professional for a comfort assessment,” says Boose. “Homeowners can make their homes more comfortable and energy efficient, while identifying tremendous cost savings.”

In addition to the tax credits that are available now, the Inflation Reduction Act created consumer rebate programs that are still being finalized by federal and state governments and are not available to consumers yet. The largest rebate, which will be up to $8,000, will go to homeowners who upgrade to electric heat pumps, which can replace an air conditioner and provide both heating and cooling. Homeowners who use gas as the primary heating source can also realize significant utility cost savings by converting to a hybrid dual-fuel heating and cooling system with a heat pump.

The Inflation Reduction Act also provides rebates for heat pump water heaters (up to $1,750), electrical panel upgrades (up to $4,000), electrical wiring improvements (up to $2,500) as well as insulation, air duct sealing, and ventilation (up to $1,600). ARS provides all these services.

“Electrical panel upgrades and wiring improvements may be necessary, especially in older homes, to allow for some of these other upgrades,” says Boose. “It also may be necessary for anyone who is thinking about installing a charging station for an electric vehicle.”

To qualify for rebates, which are expected to become available in 2024, homeowners’ incomes must fall into certain brackets, as determined by the U.S. Department of Housing and Urban Development, for that region. Households making less than 80% of an area’s median income will be eligible for the rebate amounts described above. Households making 80% to 150% of an area’s median income will be eligible for 50% of the rebate amounts, up to the limits for certain items as outlined above and up to $14,000 in total.

“We’re here to make this process simple and easy for homeowners,” says Boose. “Our Comfort Advisors meet with each customer to assess their preferences and energy consumption, and to identify solutions that meet their needs while providing large savings opportunities.”

Homeowners can learn more by visiting www.ars.com/tax-credits.

ARS is one of the nation’s largest providers of air conditioning, heating, electrical, energy-efficient, and plumbing services. Providing exceptional service, the ARS® Network serves both residential and light commercial customers by providing heating, cooling, indoor air quality, plumbing, drain cleaning, sewer line, radiant barrier, insulation, and ventilation services. Each location has a knowledgeable team of trained specialists who undergo rigorous training and background checks. Further, ARS/Rescue Rooter has longstanding strategic partnerships with industry-leading suppliers and retailers to efficiently service consumers. For more information and a complete list of our locations nationwide, visit www.ars.com.

SOURCE American Residential Services, LLC

Originally published at https://www.prnewswire.com/news-releases/inflation-reduction-act-makes-tax-credits-and-rebates-available-for-energy-efficient-upgrades-301852452.html

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