What Do Professional Heat Pump / Water Heater Installation Services Costs

Heat pumps offer a wide variety of benefits for CITY homeowners and are becoming a more popular choice with new government tax benefits available. If you’re thinking about adding a heat pump to your home, look no further than the heating professionals at Eco!

Our team of technicians are expertly trained with all the necessary tools, skills, and experience that is required to install a heat pump in your home correctly. You can count on Eco to never begin any work without your approval first and even provide you with a free cost estimate. Still unsure if a heat pump is right for your home? Check out the top benefits of Professional Heat Pump Water Heater Installation from Eco.

he cost of Professional Heat Pump Water Heater Installation Services from Eco will vary depending on a number of factors. The best way to get the most accurate cost is to have a  Eco expert come out to your home, assess your situation, walk you through your options, and provide you with a free cost estimate. Additionally, there are a ton of potential tax incentives as well as rebate opportunities thanks to the “green” nature of the heat pump.

Potential Rebate Opportunities for Professional Heat Pump Water Heater Installation Services

HEEHRA (High-Efficiency Electric Home Rebate Act) is a new ten year rebate program available for low to moderate income households that was created under the United States Congress and Biden administration as a part of the 2022 Inflation Reduce Act (IRA). This rebate program is designed as an incentive for homeowners to switch to electric home appliances and systems in an effort to reduce carbon emissions and inflation.

Available Rebates Through the HEEHRA Program

Through the new HEEHRA rebate program, there are many qualifying electric systems available for purchase, including heat pumps! The rebate savings amount available will vary for each system as listed below (Note that the price can vary):

• HVAC Heat Pumps:  $8000
• Heat Pump Water Heaters:  $1750
• Heat Pump Clothes Dryers:  $840

Available Energy Efficient Equipment and Upgrade Tax Credits 

Between 2023 and 2031, you will be able to claim 30% of the total cost of qualifying electrification projects as tax credits on your annual taxes. Depending on how much taxes you owe, your tax liability will either drop or you will receive a tax refund. As always, be sure to discuss with your personal tax consultant before committing to any major changes in your home. Qualifying heat pump upgrades include the following:

• Heat Pumps (2023 – 2031):  All household income levels will receive 30% of the installation costs up to $2,000.
• Heat Pump Water Heater (2023 – 2031):  All household income levels will receive 30% of the installation costs up to $2,000.

Benefits and Advantages of the New HEEHRA Rebate Program

There are quite a few benefits and advantages to the new HEEHRA Rebate Program being offered to low to moderate income households. From saving money to helping reduce your environmental footprint, this rebate program can benefit your home, wallet, and environment in the following ways:

• Decreased Energy Bills:  By switching from an electric furnace and water heater to an energy-efficient heat pump system that is covered under HEEHRA, households can save on average $500 a year on monthly utility bills. Not only are you saving money with the rebate, but you can also save money on your monthly energy bills as well, helping you save money all around!
• Upgrades for Low to Moderate Income Households:  Most low-income to moderate-income households are unfortunately prone to outdated, energy-inefficient HVAC and water heating systems. This causes higher monthly utility bills and frequent costly repairs and replacements that can be hard for these low- to moderate-income level households to afford. Thanks to the new HEEHRA rebate program, these households will now be able to afford installing new, higher energy efficient appliances that will allow them to have more reliable systems as well as save a significant amount of money on energy bills and repairs.
• Promotes Jobs and Economic Growth:  According to the Bluegreen Alliance, the new HEEHRA rebate act will help to create over 170,000 jobs in the United States, as well as the Inflation Reduction Act overall aiding in over 400,000 jobs over the next ten years. This contribution should help economic growth and a reduction of inflation in the U.S. economy. 
• Reduced Carbon Emissions:  The U.S. Department of Energy states that HVAC systems and water heaters consist of 46% of residential building carbon emissions. According to the Natural Resources Defense Council, replacing these natural gas heaters with electric heat pump systems could help to decrease carbon emissions anywhere from 46% to 54%! Additionally, switching from natural gas to electric water heaters could help to reduce carbon emissions by 50% to 70%!

Air Quality Improvements:  Electric appliances such as furnaces and gas stoves can help improve indoor and outdoor air quality for low income communities. These households typically have outdated appliances in their homes coupled with smaller square footage in comparison to higher income households. Utilizing the HEEHRA rebate program can help contribute to an improvement in air quality for these lower income households.