2024 HVAC Rebates and Tax Incentives – What to Know

March 5, 2024
2024 HVAC Rebates and Tax Incentives – What to Know | St. Louis HVAC Contractor

2024 HVAC Rebates and Tax Incentives – What to Know. In 2024, homeowners looking to upgrade their HVAC systems have a plethora of rebates and tax incentives to consider, thanks to federal initiatives aimed at promoting energy efficiency and the transition to cleaner and more efficient energy sources. These incentives are designed to reduce the overall energy costs for homeowners while also supporting environmental sustainability.

Are you looking to upgrade your home’s HVAC system this year? SmartHouse Heating & Cooling is a full-service HVAC company in St. Louis that prides itself on giving honest advice that really is in the homeowner’s best interest. Our top priority is your comfort, energy efficiency, and cost savings. Speak to a team member today at 314-370-1816, text us at 314-310-2242, or contact us online to discuss the next step in making your home more energy efficient.

Federal Tax Credits for Energy Efficient HVAC Systems

The Inflation Reduction Act of 2022 has significantly expanded and extended federal income tax credits for energy-efficient home improvements, including HVAC systems and components. Homeowners can now save up to $3,200 annually on taxes for energy-efficient upgrades through 2032. This includes a wide array of Energy Star-certified equipment such as air-source heat pumps, boilers, central air conditioners, and furnaces. The credit is calculated as 30% of the cost of purchasing and installing qualified energy-efficient improvements, with specific caps depending on the type of equipment.

Specific 25C Tax Credits for HVAC Systems

Qualifying systems (based on efficiency) are eligible for the following tax credits:

Ameren Missouri’s Resident Energy Efficiency Programs

Through the HOMES Rebate Program, the federal government has offered $8.8 billion through 2031 to State energy offices to provide additional rebates and incentives for cleaner, more energy efficient units.

In Missouri, Ameren Missouri’s residential energy efficiency programs offer specific rebates for qualifying energy-efficient HVAC upgrades. These include:

  • Up to $700 for central air conditioners
  • Up to $900 for air source heat pumps
  • Up to $1,800 for geothermal heat pumps
  • $100 for smart thermostats

To be eligible for these rebates, the homeowner must be an Ameren Missouri residential electric customer, and all services performed must be done by a participating contractor (like SmartHouse).

High-Efficiency Electric Home Rebate Act (HEEHRA)

The Inflation Reduction Act of 2022 also offers homeowners the chance to have project costs covered for electrifying homes. With the savings capped at $14,000, the program, not expected to be active in Missouri until after 2024, will cover 100% of costs for low-income households and up to 50% of costs for medium-income households. Costs covered include:

  • Up to $8,000 for all-electric ENERGY STAR heat pumps
  • Up to $1,600 for insulation, air sealing, and ventilation
  • Up to $4,000 for Electric Load Service Center
  • Up to $2,500 for Electric wiring

Call SmartHouse to Take Advantage of HVAC Tax Credits and Rebates

The opportunities for homeowners to make significant savings while also lowering their carbon footprint have never been better. SmartHouse Heating & Cooling is ready to help guide you through these opportunities with expertise and integrity. We don’t just walk you through the best HVAC upgrades for your specific homes; we’ll even fill out the rebate applications for you so you can have peace of mind knowing they’re done right and on time. With SmartHouse by your side, the process will be straightforward and beneficial, ensuring your upgrades meet the eligibility criteria and are executed seamlessly. Contact us at 314-370-1816, text us at 314-310-2242, or contact us now.