If your older air conditioner or heat pump is on its way out, you’re probably concerned about the cost of replacing it. But you certainly don’t want to find yourself in the middle of a July or August heat wave with your old system broken down, desperately trying to get something new installed while you sweat miserably.
We’ve got good news for you. The cost of a new heat pump will almost certainly be less than you expect. There are a couple of different reasons for this. Read on to find out exactly how to save money while getting a new heat pump and having the most comfortable, efficient summer of your life.
The IRA
No, it’s not the Irish Republican Army or Individual Retirement Arrangements. It’s the Inflation Reduction Act of 2022. This legislation aims to reduce the amount that Americans are paying for energy by a dramatic amount. How? Well, it makes it easier for people to afford high-efficiency appliances, for one thing.
People can qualify for tax credits and/or rebates for making a wide variety of home improvements that make the home more efficient, either reducing energy consumption or transitioning to clean sources of energy. Expenses like insulation or a home energy audit, solar or geothermal power generation, or new furnaces, boilers, water heaters, or efficient air conditioners can qualify.
When it comes to heat pumps, which are extremely efficient, there are point-of-sale rebates and tax credits available which can help with the cost of purchasing a new heat pump.
Operating Costs
There’s another way you’ll save big when you get a new heat pump. We’re talking about operating costs, or in other words, your electric bill. While you may have to wait for a rebate or tax incentive, you’ll be cutting your monthly expenses immediately. Heat pump operating costs will save you money for a few different reasons.
First, heat pumps are just very efficient. That’s why they qualify for this tax credit. Second, new systems will be more efficient than your older system simply because as systems age they decrease in efficiency. But it’s better than that!
New advances in HVAC technology mean that the newest systems are more efficient than anything that has come before. New materials are being used for refrigerant coils, making them able to transfer heat more quickly and easily. Variable-speed fans and multi-stage compressors run at low-power levels as much of the time as possible, only transitioning to full power when necessary.
Finally, there are your heating bills. Because a heat pump doesn’t generate heat—it only transfers it from one place to another—it can warm your home for a fraction of the cost, and it can work that efficiently at temps as low as 40 degrees! So at least during the spring and fall, you’ll be able to rely on your heat pump alone for heating.
If you want to know more about your energy-efficient and cost-saving options for heat pump installation in Akron, OH, please reach out.
Contact Crown Group Ohio today with any questions about heat pumps or to make an appointment.