Rheem wants to help you take advantage of new incentives that could affect how you replace your heating and cooling systems. As part of the Inflation Reduction Act of 2022, you can now take advantage of enhanced tax incentives and a new state-administered consumer rebate program that were designed to encourage you to upgrade your HVAC systems with heat pumps and high-efficiency air conditioners and furnaces. This section provides important information on the Energy Efficient Home Improvement Federal Tax Credit (Tax Section 25C) and the High Efficiency Electric Home Rebate Program.
Tax credit offsets federal taxes owed
The Electric Home Rebate Program offers consumer rebates on qualifying heat pumps, panel replacements and electrical wiring. Here are a few things you should know about the Electric Home Rebate Program:
*These models qualify only when installed as part of a matched system combination that meets current ENERGY STAR® criteria.
Because the Electric Home Rebate Program is at the state level, the DOE has created a map to help contractors, distributors and homeowners easily see each state's current application status.
As stated previously, the rebate program is restricted to residents who meet certain income criteria—and it will be up to each state to finalize the income verification process.
The DOE has recently provided updated information that gives states options to verify eligibility:
Contractors enrolled in TECH Clean California and those new to the initiative can become certified to offer single-family HEEHRA rebates.