The Inflation Reduction Act (IRA) Has Tax Credits and Rebates for You
2023 is a great time to make upgrades to your home’s HVAC system, water heater, and more. The Inflation Reduction Act has tax credits and rebates that can mean huge savings on the purchase and installation of new energy-efficient appliances—up to $4,200! Click below to learn more.
How much can I save with tax credits?
IRA Tax Credits
| 25C Tax Credit (Covers 30% of Cost) For Qualified Electrification Upgrades | |
| Total Annual Credit | $3,200 |
| Heat Pump | $2,000 |
| Other Upgrades | $1,200 |
| Annual Credit For Heat Pumps and Heat Pump Water Heater | $2,000 |
| Heat Pump | $2,000 |
| Annual Credit for Other Upgrades | $1,200 |
| Air Conditioner | $600 |
| Furnace | $600 |
| Electrical Panel | $600 |
| Windows | $600 |
| Doors | $500 |
| Insulation | $1,200 |
| Energy Audit | $150 |
What is the Inflation Reduction Act?
The Inflation Reduction Act was signed in late 2022 to allocate over $369 billion in the form of tax credits and rebates to benefit homeowners who make energy-efficient upgrades. Homeowners who purchase new HVAC systems or other eligible home appliances can save more than $14,000 in consumer rebates and tax incentives, as well as saving over $600 a year on their energy bills. Tax credits are available now and will be applied when you file next year; rebates will not be available until the end of 2023.
Contact Snyder Air Conditioning, Plumbing & Electric or call (904) 320-0960 today to learn more about how you can save money this year through tax incentives and rebates.
25C Energy Efficient Home Improvement Tax Credit
The IRA has built-in credits for homeowners who wish to make energy-efficient home upgrades. The Energy Efficient Home Improvement Tax Credit, an expansion of the existing 25C tax credit, allows homeowners to deduct up to 30% of the total cost of specific home improvements, with an annual limit of $3200. These upgrades must meet the relevant requirements of the Consortium for Energy Efficiency and Energy Star to be eligible for the tax credit.
Our home service professionals at Snyder can provide you with expert help and guidance when you are ready for your energy-efficient upgrades. Contact us online or call (904) 478-1736 to schedule your free home energy analysis today.Do I qualify for the 25C Energy Efficient Home Improvement Tax Credit?
Yes, everyone is eligible for the 25C tax credit, and there are specific no-income qualifications.
Does 25C have efficiency requirements?
Yes, 25C upgrades must meet the Consortium for Energy Efficiency’s highest non-advanced tier requirements, as well as certain Energy Star requirements. Our professionals at Snyder can help you select the right upgrades to qualify for the 25C tax credit.
How do I claim my tax credits?
Our team at Snyder will provide you with all the proper documentation to easily claim your home upgrade tax credits when you file your taxes.
NOTE: Technicians from Snyder are not tax professionals, and we cannot provide financial advice. Please consult a tax professional for help filing when the time comes.
Let Snyder help you get the most out of your tax credits. Contact us today or call (904) 478-1736 for assistance.
Rebates Are Coming Soon
High-Efficiency Electric Home Rebate (HEEHRA)
The High-Efficiency Electric Home Rebate program provides low- and middle-income homeowners with instant discounts on the purchase of energy-efficient appliances—up to $14,000. The HEEHRA rebate covers the full cost of electrical upgrades for low-income households, and 50% of the cost for moderate-income households, including equipment and professional installation. Qualifying households must have an income below 150% of the area median. The HEEHRA program provides an excellent opportunity for eligible homeowners to make energy-efficient upgrades to their homes while saving money.
| HEEHRA Rebate Levels For Qualified Electrification Upgrades | |
| Income Eligibility and % Costs Covered | |
| Low Income: <80% Area Median Income (AMI) % costs covered (including installation) | 100% |
| Moderate-Income: <80% Area Median Income (AMI) % costs covered (including installation) | 50% |
| Overall Incentives | |
| Max Consumer Rebate | $14,000 |
| Max Contractor Rebate | $500 |
| Rebates for Qualified Electrification Projects | |
| Heat Pump HVAC | $8,000 |
| Heat Pump Water Heater | $1,750 |
| Electric Stove/Cooktop | $840 |
| Heat Pump Clothes Dryer | $840 |
| Breaker Box | $4,000 |
| Electric Wiring | $2,500 |
| Weatherization insulation, air sealing, ventilation | $1,600 |
Home Owners Managing Energy Savings Rebate Program (HOMES)
The HOMES rebate program encourages energy conservation by reimbursing homeowners who make whole-house energy improvements. In this program, rebates are based on the amount of energy saved—between $2000-$8000. Low- and middle-income households can receive $4000-$8000 or 80% of project costs, while high-income households can receive $2000-$4000 or 50% of project costs, for energy savings of 20%-35% or more. The HOMES rebate program is open to all households and offers an excellent opportunity for homeowners to save energy and reduce their expenses.
Are rebates available now?
The HEEHRA and HOMES rebate programs will start sometime at the end of 2023 or the beginning of 2024, depending on your state of residence and the Department of Energy guidance, so be sure to check with Snyder to see if rebates are available when you’re ready to purchase.
How do I save on my home upgrades today?
Take advantage of the 25C Energy Efficient Home Improvement tax credit and ask our professionals at Snyder on how you can maximize savings with qualified energy-efficient upgrades.
Tax credits and rebates — what’s the difference?
A tax credit is money that will you get back when you file your taxes. Families can earn up to $3200 in tax credits with the 25C tax credit every year. A rebate is an off-the-top discount at the purchase of appliances or equipment. Rebates will not be available until end of 2023 or the beginning of 2024. Contact Snyder to stay updated on the latest news on when rebates will be available in Jacksonville.
Fill out our contact form or call (904) 441-6937 to learn more information on how to take advantage of the $369 billion Inflation Reduction Act.
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*Disclaimer: SNYDER AIR CONDITIONING, PLUMBING & ELECTRIC, LLC does not guarantee the availability of tax credits or rebate funds, nor the specific rebate or credit amounts that may be available to each individual. Rebates and tax credits are subject to change and may vary depending on factors such as geographic location, income level, and the specific details of the heating and cooling system being installed. While we make every effort to provide accurate and up-to-date information about available rebates and tax credits, it is ultimately the responsibility of the homeowner to research and verify eligibility for any available incentives. In addition, please note that the information provided by SNYDER AIR CONDITIONING, PLUMBING & ELECTRIC, LLC regarding tax credits is for general informational purposes only and should not be considered tax advice. Homeowners should consult with a qualified tax advisor to determine their eligibility for tax credits and to receive specific advice on their individual tax situation. SNYDER AIR CONDITIONING, PLUMBING & ELECTRIC, LLC is not responsible for any errors or omissions in the information provided, and we make no guarantees or warranties regarding the availability or applicability of any tax credits or rebates.
