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Heat pump rebates likely won’t be impacted by the new administration, as they’re distributed on the state level. But this new administration is not climate friendly and many states are quickly reducing their rebate amounts, so it’s important to act now.
At a Glance:
- Heat pump rebates in blue states like Massachusetts, New York, and California are changing every year
- Over half of the funding for heat pump incentives (4.5B) has already been allocated with another potential (2.1B) being approved before the new administration is sworn in.
- Heat pump incentives have been allocated to both red and blue states, with red states like FL, TN, WV, IN, and GA being some of the first states to receive funding. This means it’s very unlikely that we’ll see a full repeal of the Inflation Reduction Act.
We recognize that homeowners are facing higher energy bills and more extreme temperatures than ever. Given the results of the 2024 election, it’s very likely that this new administration could affect changes to the Inflation Reduction Act, other federal incentives for energy efficiency initiatives
These changes could have a direct result on homeowners’ wallets and how comfortable they are at home. Plus, rebate programs in states like New York and Massachusetts are changing- which could increase your out of pocket monthly costs by as much as 130%. Read more about how the programs are changing in Massachusetts this year.
So there’s never been a better time to take advantage of the current heat pump incentives that are available, while they’re still available. Tetra is here to help make this happen.
Heat pumps aren’t going anywhere
Heat pumps are already the primary source of heating and cooling in Europe. They’ve also been outselling furnaces in the US for years now. This is for several reasons. The first is that they are versatile and offer both heating and cooling in the same system. Another reason is that heat pumps are much cleaner and energy-efficient, leading to lower energy bills and reduced carbon footprints. Lastly, heat pump technology only continues innovating to offer better performance, easier maintenance, and overall better products over the years.
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Homeowners can save thousands if they act quickly
A central question for climate-focused industries is the future of the Inflation Reduction Act (IRA), which has played a huge role in accelerating initiatives like heat pump rebates and adoption. The IRA’s status may shift with a new administration, but significant portions of funds have already been allocated.
Regardless of your political affiliations, there are electrification benefits out there that can help you save thousands and we urge you to take advantage of them while they’re still available to you. We know this new administration isn’t climate-friendly, which calls the future of the Inflation Reduction Act into question. Fortunately, significant portions of funds have already been allocated.
- State-Level Protection: Heat pump incentives largely operate at the state level, which offers added protection from federal policy changes. Of the $9 billion allocated for heat pumps, over $4.5 billion will already be in state hands by the time of the new administration’s inauguration.
- Full Repeal of the Inflation Reduction Act is Unlikely: While a full repeal of the IRA could impact climate initiatives, experts see this as unlikely. Many benefits of the act extend to Republican-led states like Florida, Georgia, and Tennessee, generating bipartisan support for keeping much of the act intact. If you live in one of these states and have already applied for rebates, your funding is likely safe. In August, a coalition of 18 Republican representatives voiced their opposition to repealing the IRA due to its economic benefits for their states.
Take advantage of these incentives while they’re still available
States like New York and Massachusetts have been offering rebate programs for years now. If you’re in a state that’s already providing heat pump rebates like New York, Massachusetts, or California, then those funds are likely safe on a federal level.
Regardless of the new administration, rebates provided by the states are quickly shrinking. For example, Mass Save no longer offers rebates for new fossil fuel systems and rebate amounts in New York have been reduced from $20k, to $12k, to now $8k.
There’s never been a more important time to start the heat pump upgrade process. Talk to one of our team members to understand your options. Schedule your free, virtual estimate today.
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