The Inflation Reduction Act (IRA) offers significant benefits for Illinois residents seeking HVAC solutions. ARQ Solutions HVAC, we can help you take advantage of these opportunities.
Key Benefits of the Inflation Reduction Act for HVAC Upgrades.
Federal Tax Credits:
Energy Efficient Home Improvement Credit (Section 25C); 30% tax credit on installation costs for qualifying HVAC systems, effective from 2023 through 2032.
Caps include:
- $600 for air conditioners.
- $2,000 for heat pumps.
- $600 for furnaces and boilers.
Residential Clean Energy Credit (Section 25D);
30% tax credit for geothermal systems installed between 2022 and 2032.
State Rebates:
Illinois has been allocated $263 million to administer two programs of Home Efficiency Rebates:
1) Section 50121; Aimed at improving home energy efficiency and Home Electrification and Appliance Rebates.
2) Section 50122; Focuses on promoting electrification and efficient appliances.
Note: These rebates are not retroactive and will be available once the programs launch.
Upgrading to High-Efficiency HVAC Systems it will get benefits through IRA program allowing to save money on energy but also getting federal tax credit when you upgrade to and High energy-efficient models.
ARQ Solutions HVAC is well-positioned to guide Illinois residents through the process of upgrading to more efficient HVAC systems.