The rules let you get the tax credit as a rebate when the upgrade is done, though I don’t think that has fully rolled out.
The reality is that in much (though not all) of the country, it’s cost-effective to replace a near-end-of-life fossil furnace with a heat pump, since it will lower their ongoing heating bill. People do still need to substitute capital for future fuel payments, and that’s a big deal, but it’s a lot better than it was.
The rules let you get the tax credit as a rebate when the upgrade is done, though I don’t think that has fully rolled out.
That would be nice, but I cannot find a source. Heck, I was checking and it turns out these credits are NONREFUNDABLE, so you can only get a max of what you pay in taxes.
The reality is that in much (though not all) of the country, it’s cost-effective to replace a near-end-of-life fossil furnace with a heat pump, since it will lower their ongoing heating bill. People do still need to substitute capital for future fuel payments, and that’s a big deal, but it’s a lot better than it was.
Eh, sadly, it is a bit fuzzier for many of us.
I just added up the last 12 months of gas bills. Came to about $837. But as I said at the start, $43.30 is a fixed charge. So really I only spent $318 on fuel. Based on my summer bills, I use ~$7/month in gas for cooking, drying, & hot water. So the reality is I only paid less than $250 on heating fuel. Granted, it was a warm winter and those costs will likely go up in time, but still.
At my current electric rate of ~$0.07/Kwh, and assuming that the added use will be at least 1,500 Kwh, that means I save, what, $150/year? That may sound good, but that is a painfully slow playback.
And, again, that is if I can even afford ANY increased cost. Whatever I get, I will have to finance it as it is. Most of us don’t have $12,000+ sitting around for HVAC. I want it, and I think heat pumps are great, but not enough is being done to make them the economical choice for those of us in colder cities with a lot of older homes.
The rules let you get the tax credit as a rebate when the upgrade is done, though I don’t think that has fully rolled out.
The reality is that in much (though not all) of the country, it’s cost-effective to replace a near-end-of-life fossil furnace with a heat pump, since it will lower their ongoing heating bill. People do still need to substitute capital for future fuel payments, and that’s a big deal, but it’s a lot better than it was.
That would be nice, but I cannot find a source. Heck, I was checking and it turns out these credits are NONREFUNDABLE, so you can only get a max of what you pay in taxes.
Eh, sadly, it is a bit fuzzier for many of us.
I just added up the last 12 months of gas bills. Came to about $837. But as I said at the start, $43.30 is a fixed charge. So really I only spent $318 on fuel. Based on my summer bills, I use ~$7/month in gas for cooking, drying, & hot water. So the reality is I only paid less than $250 on heating fuel. Granted, it was a warm winter and those costs will likely go up in time, but still.
At my current electric rate of ~$0.07/Kwh, and assuming that the added use will be at least 1,500 Kwh, that means I save, what, $150/year? That may sound good, but that is a painfully slow playback.
And, again, that is if I can even afford ANY increased cost. Whatever I get, I will have to finance it as it is. Most of us don’t have $12,000+ sitting around for HVAC. I want it, and I think heat pumps are great, but not enough is being done to make them the economical choice for those of us in colder cities with a lot of older homes.