Rebates & Tax Credits
There has never been a better time to make your home more energy efficient and electrify your home’s heating and cooling system. The rebates and tax credits are at an all-time high, however; navigating your way through what is available at the federal, state, and local level is not easy.
At Sensible Heating & Cooling we are committed to helping our clients take advantage of what’s available to them, so we’ve done the legwork for you.
Here is What’s Available
Xcel is offering rebates to their customers on several energy efficiency and electrification upgrades including Geothermal Systems, Air Source Heat Pumps, and Mini-Splits. More info can be found here.
Beginning in 2023, the State of Colorado is offering a 10% tax credit for all heat pumps that meet the required energy efficiency ratings. This includes air source heat pumps, geothermal systems, mini-splits, and heat pump water heaters. More info can be found here.
The Inflation Reduction Act provides upfront discounts to qualifying individuals as well as tax credits for anyone doing energy efficiency upgrades to their home. These federal tax credits can be bundled with state tax credits for even more savings!
Rebates (also called upfront, or point-of-sale) discounts are available to qualifying individuals through the High-Efficiency Electric Home Rebate Act (HEEHRA). Use the IRA Savings Calculator here to see if you qualify.
Tax credits are not income dependent and vary in amount by project. Most credits are capped at a specified dollar amount, but some credits are uncapped and offered as a percentage of the total cost of the project. For example, households installing a geothermal system are eligible for an uncapped 30% tax credit.
Here is a link to find more information on tax credits available through the IRA.
Contact Sensible today to learn more about how you can reduce your carbon footprint by installing a heat pump or upgrading your gas furnace or boiler to something more energy efficient. We are committed to helping you find the best option for your home.