How Much Does a Heat Pump Cost? Mass Save Incentives for Heat Pumps
Incentives to Help Lower the Cost of Energy Saving Heat Pumps
Heat pumps are an efficient and energy saving source of heating and cooling your home. They work well in cold weather and can replace expensive air conditioners or supplement them. Because of this, heat pump technology is one of the most useful ways to keep your house warm in the winter and cool in the summer.
Heat pumps can be expensive to install, and the cost may be prohibitive for some homeowners. Every heat pump model's price and installation will be different, however, with pricing variable based on the size and kind of your house, the number of windows in your home, and the climate of your particular area.
If you reside in Massachusetts, though, there are financial incentives! If you want air source heat pumps to heat and cool your house more effectively, to reduce your greenhouse gas emissions and carbon footprint, and to save on your energy bills, Mass Save and HEEHRA can help!
Mass Save
A number of electric and natural gas companies in Massachusetts, as well as service providers for energy efficient heating, have joined together to form Mass Save. They provide subsidies to help you save money on heat pump installation cost and assist Massachusetts consumers in saving money via energy efficiency and clean heating.
Customers fill out online forms and get rebates in the mail. Typically, heat pump contractors will assist you with filing the required rebate papers, although you should always ask to make sure.
How much money can you get?
- $1250 per ton
- $10,000 if you get rid of your old system and use only heat pumps
HEEHRA
HEEHRA, or the High-Efficiency Electric Home Rebate Act, supplies incentives for consumers to help electrify low- and moderate-income families across America. They will assist households in lowering their monthly energy costs, improving the quality of indoor air, and lowering their carbon emissions.
The state must set up a process for the contractor to follow. It’s expected that the state will roll out these rebates by the summer of 2023.
How much money can you get?
- 80% to 100% AMI low-income homeowners can get up to 100% of their electrification projects covered
- 100% to 150% of middle-income consumers can get up to 50% of their costs covered by the rebates (all maxed or capped at $14,000)
Qualified electrification projects
- Heat pump water heaters (up to a $1,750 rebate)
- Heat pump HVAC systems (up to a $8,000 rebate)
- Electric load service panels and electric appliances (up to $840 in rebates)
- Upgrading electrical panels (up to a $4,000 rebate)
- Insulating and sealing a house (up to a $1,600 rebate)
- Improving wiring (up to a $2,500 rebate)
IRS Tax Benefits
The IRS will provide a $2000 tax credit for a heat pump (under IRC 25C) starting in January 2023.
Heat pump systems are an amazing way in which you can not only reduce your fossil fuels, but also save in the long term on your energy operating costs. With these state and federal enhanced incentives to decrease greenhouse gas emissions and provide better heating systems with qualified energy, now is the perfect opportunity to make the switch.
Contact us to explore your home energy choices and get a Free Home Energy Assessment!