While the installation of heat pumps may seem to be slowing due to inflation and rising interest rates, coupled with a confusing rollout of federal funding, they are expected to pick up speed this year.
Rebate programs associated with the Inflation Reduction Act for the purchase of high-efficiency HVAC equipment are finally picking up steam, after a near year and a half since the IRA was signed into law.
Legislation extends and reforms tax incentives that support the historic demand on the sheet metal industry to purchase expensive, productive new equipment
In a statement from Aaron Hilger, CEO of SMACNA, he called it an "essential piece of legislation that extends and reforms the R&D credit, bonus depreciation and equipment expensing.
California, New Mexico, New York, and Hawaii are the first states to apply for federal rebate money for high-efficiency equipment. Twenty-three states have received funding to set up and manage rebate programs.
As the federal government plans millions in grant funding to boost heat-pump manufacturing in the U.S., a big player in the market as well as a newcomer are thrilled with the opportunity.
The main (and most crucial) difference between qualified and non-qualified plans is that their contributions are income tax deductible and allows you to enjoy tax deferral on any money invested.
Florida Gov. Ron DeSantis vetoed a $5 million grant that was to pay for administering the distribution of $346 million in federal Inflation Reduction Act rebate money in the state.