With “heat pump” and “incentives” almost being synonymous at this point, contractors need to understand the basics to ensure customers are receiving the benefits.
The Inflation Reduction Act’s (IRA) tax credits and rebates can unlock thousands for residential homeowners looking to upgrade to energy-efficient HVAC equipment.
Congress created the 179D deduction in the Internal Revenue Service Inflation Reduction Act to support businesses working on sustainability in large structures, and the 25C credit to support the average American household.
Historically having a high tax rate on manufacturing relative to the rest of the world, the 2017 tax reforms temporarily stimulated the U.S. manufacturing sector.
The bill significantly reduces the cost of a geothermal installation, spurs job creation, and hopes to inspire more contractors to tap into the geothermal market.
The Chicago area is one of the markets seeing an increased interest in geothermal systems from businesses and institutions like schools and governments.