- 5195 Raynor Avenue | Linthicum Heights, MD 21090
- 5195 Raynor Avenue | Linthicum Heights, MD 21090
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Find out if you are eligible for a tax credit!
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Carrier high-efficiency heating and cooling systems offer a number of consumer benefits. From energy savings to comfort-enhancing innovations like Greenspeed® intelligence, to quieter operation, there’s a lot to like. And now there’s another benefit, thanks to Uncle Sam: The Inflation Reduction Act of 2022.
WHAT IS THE INFLATION REDUCTION ACT OF 2022?
The U.S. Government has passed the Inflation Reduction Act of 2022, a piece of legislation covering a broad spectrum of initiatives, including health care costs, clean energy, and the federal deficit among others.1 Of particular interest to homeowners, home builders and HVAC contractors, this act includes a number of incentives for the installation of high-efficiency home heating and cooling products, including:
- $4.3 billion in state-administered rebates on ENERGY STAR® certified equipment
- Extension and expansion of 25C, 25D, and 45L tax credits for CEE Highest Efficiency and ENERGY STAR® certified equipment
2023-2034 Tax Credit Details
The Inflation Reduction Act of 2022 both extends and expands existing 25C and 25D tax credits to homeowners and 45L tax credits to home builders for installing applicable high-efficiency HVAC equipment. Each of these credits has specific efficiency requirements to qualify as outlined below. The bill applies to systems installed in 2022, and some of these credits will increase in 2023. Here is a summary of the tax credits as they stand now, and for the coming years:
Tax Section 25 C
- 30% of cost up to $1,200 ($2,000 for Heat Pump) Products must be in the highest efficiency CEE tier
Air Conditioners
- Up to $600 tax credit
Heat Pumps
- Up to $2,000 tax credit
Gas Furnaces and Boilers
- Up to $600 tax credit
Advanced Main Air Circulating Fan
- Must use no more than 2% of furnace’s total energy, up to $50 tax credit
Tax Section 25 D
Geothermal Heat Pumps
- 30% for systems placed in service during calendar year 2022 through calendar year 2032
- 26% for systems placed in service during calendar year 2033
- 22% for systems placed in service during calendar year 2034
Tax Section 45 L
Single Family
- Single Family New homes - $2,500 tax credit
- Zero-energy Single Family New Homes - $5,000 tax credit
Multifamily
- Multifamily Units - $500 tax credit
- Zero-energy Multifamily Units - $1,000 tax credit
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