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Tax Rebates Available For A High-Efficiency AC Or Heating Unit Upgrade

November 29, 2022 | Blog

At Norman Heating, Air Conditioning & Plumbing, we understand that replacing your heating and air conditioning system is a big financial commitment. To help make the process as painless as possible, we know how you can get the most out of your new unit, its warranties and the rebates available for you as a homeowner.

You can receive up to $3,000 in local and federal tax rebates and grants by replacing your old system with a newer, more efficient one! Find out how to become eligible for receiving money by participating in the following programs.

Noteworthy Energy-Related Tax Rebate Programs

Federal Nonbusiness Energy Property Credit

Previously set to expire on Dec. 31, 2021, the Inflation Reduction Act of 2022 extended this credit through 2023.

Through this program, you may claim a tax credit for 10% of qualified energy efficiency improvements and 100% of energy property costs. Qualified improvements and property costs include:

  1. 1. Insulation
  2. 2. ENERGYSTAR® exterior doors and windows, including skylights
  3. 3. New metal or asphalt roof with appropriate pigmented coatings or cooling granules
  4. 4. Electric heat pumps
  5. 5. Electric heat pump water heaters
  6. 6. Approved central air-conditioning
  7. 7. Approved natural gas, propane or oil water heaters
  8. 8. Approved natural gas, propane or oil furnace or hot water boilers
  9. 9. Advanced main air circulating fans
  10. 10. Biomass stoves that use “plant-derived” fuel, such as agricultural crops, wood pellets, grasses, etc.

This credit is worth a maximum of $500 for all years combined, from 2006 to its expiration. Of that combined $500 limit,

  • A maximum credit of $200 can be claimed for windows.
  • A maximum credit of $50 can be claimed for a furnace circulating fan.
  • A maximum credit of $150 can be claimed for a furnace or boiler.
  • A maximum credit of $300 can be claimed for any other single residential energy property cost.

Each tax filing software is different, so you may need to do some exploring to find the correct forms to claim the credit. Your tax preparer, if you have one, can also help you file correctly for these rebates!

Details On IRS-Approved Equipment To Qualify

  • Your electric heat pump water heater must yield an energy factor of at least 2.2 in the standard Department of Energy test procedure to qualify.
  • Your electric heat pump must achieve the highest efficiency tier, established by the Consortium for Energy Efficiency (CEE) on January 1, 2009.
  • Your central air conditioner must achieve the highest efficiency tier, established by the CEE on January 1, 2009.
  • Your natural gas, propane or oil water heater must have an energy factor of at least 0.82 or a thermal efficiency of at least 90%.
  • Your advanced main air circulating fan must be either: an efficient fan or a blower motor, which blows the air that your furnace heats up through the duct system and uses no more than 2% of the furnace’s total energy.

Oklahoma Natural Gas Grant

The ONG (Oklahoma Natural Gas) grant offers rebates up to $2,500 on natural gas heating systems. ONG grants are given on a first-come, first-served basis until funds are depleted. So, if you think you may qualify, don’t wait to apply!

Approved natural gas systems include:

  • $550 rebate for the installation of a new, 95%+ efficiency, natural gas furnace or boiler
  • $1,950 rebate for replacing an electric resistance furnace with a new natural gas furnace
  • $1,950 rebate for replacing an electric heat pump with a new natural gas furnace and air conditioner
  • $2,500 rebate for replacing an electric resistance furnace with a new, 95%+ efficiency, natural gas furnace
  • $2,500 rebate for replacing an electric heat pump with a new, 95%+ efficiency, natural gas furnace and air conditioner

Will There Be More Tax Credits In 2023?

The Inflation Reduction Act provisions, available in 2023, will increase to a maximum rebate of $1,200 on central air conditioners and gas furnaces. The maximum rebate for heat pumps will be even higher, but overall awards from the program will be income-based.

In addition, it is still unclear what the national price increases will be — rebates may not sound as impressive once qualified equipment prices are announced.

Get More Money By Upgrading ASAP

When the dust settles, our team at Norman Heating, Air Conditioning & Plumbing will bring you the best information so you get the best deal possible for your new, energy-efficient heating and cooling system.

Our best advice is to replace your system now, while prices are low, as we anticipate a significant increase in heating and air conditioning repairs and replacement costs nationwide.

If you have questions about how to take advantage of rebates, call Norman Air! We care about getting you the best equipment at the best prices, with the best warranties in the industry, so that you can take full advantage of your heating and air conditioning systems.

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