The Inflation Reduction Act will provide tax credits of up to $2,000 to encourage homeowners to install heat pumps.
“Now there is a new tax credit that will encourage homeowners, especially to get rid of their gas stoves or reduce their dependence on them,” said Kevin Brassler, executive editor of Consumer Checkbook.
Unlike natural gas stoves, heat pumps can run on electricity generated from renewable sources. One of the goals of the Inflation Reduction Act is to encourage households and businesses to switch to technologies that use less energy and reduce greenhouse gas emissions.
The heat pump does not produce heat to heat the house. They move it from the street to the premises. During the warm season, the heat pump takes heat from the air in the room to cool the house.
As long as temperatures stay above 30 degrees, a heat pump can comfortably heat most homes, according to Brassler.
Homeowners who get rid of the stove entirely and use only the heat pump can save an additional $8,000. However, the higher initial cost of heat pumps that operate on their own at low temperatures will deter many from buying them, the consumer checkbook says.
While heat pumps are more expensive than air conditioners, Brasler says the $2,000 loan should cover the extra upfront costs. They are also cheaper to run.
“If you need to replace the central air conditioning system in the Washington area, it makes sense to install a heat pump instead,” Brassler said.
For a limited time, WTOP.com readers can view 200 HVAC contractors’ checkbook ratings by special arrangement with Washington Consumers’ checkbook. Select heating and air conditioning contractors to view listings and ratings.
The Consumer Checkbook/Service Research Center is an independent non-profit consumer organization founded in 1974. For over 40 years, it has been an innovator in providing information to help consumers make smarter choices.
Stetson Miller is a WTOP anchor and reporter. For the past few years he has worked in television newsrooms in New York, Baltimore, Washington DC and Charleston, South Carolina.
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