The Inflation Reduction Act (IRA) of 2022 is rolling out some big changes.

What does that mean for
homeowners in 2023?

It means that starting next year you could get tax refunds for having or converting to heat pump energy. The goal of the policy is to lower our CO2 emissions in residential areas by incentivizing people to have energy-efficient homes.

Why switch to a heat pump anyway?

•Tax credit refunds from the new policy  

•Saving money on utilities

•Improved air quality (Gradziuk, 2022)

•Less risk of hazardous leakage (Kim, 2018)

Are You Qualified?

Tax credit refunds range from a few hundred dollars to a few thousand dollars depending on what you qualify for. Access links below for details on restrictions:

References

Gradziuk, Piotr, et al. “Heat Pump Installation in Public Buildings: Savings and Environmental Benefits in Underserved Rural Areas.” Energies (19961073), vol. 15, no. 21, Nov. 2022, p. 7903. EBSCOhost, https://doi.org/10.3390/en15217903.

Kim, Joon-Ho, et al. “Evaluation of the Ventilation Safety Requirements for the Fuel Gas Supply System Room of a Gas-Fueled Vessel: Simulated Leaks of Methane and Propane.” Journal of Mechanical Science & Technology, vol. 32, no. 11, Nov. 2018, pp. 5521–32. EBSCOhost, https://doi.org/10.1007/s12206-018-1050-7.

McDermott, Brendan. “Residential Energy Tax Credits: Changes in 2023.” Insight, 21 Nov. 2022, crsreports.congress.gov/product/pdf/IN/IN12051