October has arrived and each day feels more and more like fall here in North Shore, MA and Seacoast, NH. But these cooler temperatures are also a sign that the end of the year will be here before we know it. If you’ve been thinking about upgrading your heating system this winter, the Kearney team recommends choosing a heat pump for an all-electric HVAC that can bring year-round comfort.
We also recommend installing your heat pump before year end to start benefiting sooner and take advantage of tax credits for 2023 for the quickest savings. Keep reading to see why you should upgrade to a heat pump before the end of the year.
Kearney HVAC: Your Local Mitsubishi Electric Diamond Dealer
Upgrading your heating and cooling system is an investment that can last decades. That’s why at Kearney HVAC we choose to install Mitsubishi Electric heat pump systems. These technologically advanced heating and cooling systems are ideal for the New England climate and are eligible for both the federal heat pump tax credits and Mass Save rebates.
When it comes to finding the right heat pump for your home, trust the pros at Kearney. We take the time to right-size every unit we install and provide a personal touch with every project with a free in-home assessment.
Heat Pump Energy Savings Are Bigger in Winter
Heat pumps work similarly to an air conditioner, by moving heat out of your home via a line of refrigerant. However, heat pumps also work in reverse and can extract heat from the outside air when temperatures are as low as -13° F.
This means that heat pumps offer the biggest energy savings during the cooler months. In fact, according to the Department of Energy, heat pumps can reduce your electricity use for heating by up to 50% compared to furnaces and baseboard heaters.
Take Advantage of Heat Pump Tax Credits For 2023
The Energy Efficient Home Improvement Tax Credit can reduce your federal tax liability by 30% of the total cost for heat pump installation, up to $2,000. Both ducted and ductless models are eligible for this heat pump tax credit, which can be filed with your annual returns by filling out Form 5695.
However, in order to claim the Energy Efficient Home Improvement Tax Credit for 2023, any work must be completed by December 31st. Since you’ll be filing your 2023 taxes by April of next year, installing your heat pump before the year ends will give you the shortest waiting period for seeing your incentive. If you were to wait until January for your heat pump installation, when winter is in full effect, the earliest you’ll likely see the tax credit is in 2025 when you file your 2024 taxes—that’s over a year of waiting! At Kearney, we can help you take advantage of these heat pump tax credits and find the right system for your home so you can enjoy a cozy winter ahead.
Layer Tax Credits With Mass Save® Heat Pump Rebates
Massachusetts homeowners can also stack federal tax credit incentives with heat pump rebates up to $10,000 through Mass Save! All equipment must be installed by a participating contractor, like Kearney HVAC, and meet certain efficiency standards. Our team stays up to date with what heat pump systems are eligible for Mass Save rebates, along with any other requirements, to make the entire process as easy and straightforward as possible. Many homeowners are also eligible for Mass Save 0% interest financing for terms up to 7 years.