The government is giving away up to $8,000 for this amazing HVAC tech: 'There are millions of people who would benefit'
When you read about heat pumps, they seem almost magical. The HVAC technology heats and cools your home, functions efficiently and cheaply, and is better for the environment.
So why isn't this amazing tech in the hands of (or on the walls of) homeowners everywhere?
It turns out heat pumps pose a familiar dilemma for households without much disposable income. They take an up-front investment of $4,000 to $8,000, which can be prohibitive.
Fortunately, the government is stepping in to address the problem, especially for low-income households.
The Inflation Reduction Act offers qualifying households up to $8,000 in rebates in an effort to bring the game-changing tech to more homes.
Eric Wilson, a Senior Research Engineer at the U.S. Department of Energy, said: "There are millions of people who would benefit from putting in heat pumps."
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His team at the National Renewable Energy Laboratory released a report studying the costs and benefits of heat pump adoption. The findings were overwhelmingly positive and supported widespread installation of heat pumps. The reasons for this are plentiful.For one, heat pumps will heat and cool your home more efficiently than using conventional furnaces or air conditioning units.
As the DOE explains, heat pumps are able to function like refrigerators in transferring heat as opposed to, more wastefully, generating it. When it's cold, they're still able to use warmth from the outdoors to heat your home. On a hot day, they tap into electricity to transfer heat from your house outside.Another benefit of heat pumps is that they don't create harmful air pollution like a furnace, which can reduce local air quality and trap heat in the atmosphere — as well as increase the risk of respiratory and cardiovascular illnesses.Consumers with heat pumps can also save on their bills. The efficient tech could reduce one's energy usage by around 50%, according to the NREL. The report found that the savings for fossil fuel-reliant households come in at a median range of $300 to $650 per year, with even greater returns for those in cold climates.Given all those benefits and savings, you might be interested in upgrading your household HVAC system to a heat pump.
To that end, the best place to look is EnergySage's Heat Pump Marketplace.
While the $8,000 rebate is specifically for low-income households, a $2,000 tax credit is available for households of all incomes as part of the IRA.
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The government is giving away up to $8,000 for this amazing HVAC tech: 'There are millions of people who would benefit' first appeared on The Cool Down.
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