Tax Credits for New HVAC Units in Maryland [Updated 2024]

The Inflation Reduction Act of 2022 (IRA) offers tax credits and rebates for property owners who install energy-efficient windows, doors, water heaters, and heating and cooling systems.

This includes heat pumps, an excellent option for homeowners who want to save money on their monthly energy bills. Heat pumps are highly efficient, durable, and low-maintenance, lasting up to 20 years with proper maintenance.

Consider purchasing a heat pump if you want to save money on your HVAC system installation. You’ll also enjoy improved comfort, quiet operation, and convenient heating and cooling.

Ready to unlock significant savings with energy-efficient HVAC systems in Maryland? Let Michael Bonsby HVAC, Plumbing & Electrical guide you through the process and maximize your benefits.

Call 301-990-7970 to learn more.

Save Money by Upgrading to an Energy-Efficient Heat Pump

If you need heat pump installation in Washington, DC, or Maryland, call Michael Bonsby HVAC, Plumbing & Electrical. It’s important to keep our clients informed about how they can save money on heating and cooling costs, so we go out of our way to explain tax changes and credits homeowners can claim for HVAC systems.

Heat pumps are a great way to save on your energy bills and reduce your carbon footprint. Here are some of the money-saving benefits of heat pumps:

• Tax credits: Heat pumps are eligible for tax credits that save up to $2,000.
• Energy efficiency: Heat pumps are very efficient, so you’ll use less energy to heat and cool your home.
• Low maintenance: Heat pumps are durable and require little maintenance.
• Long life span: Heat pumps can last for up to 20 years.

We also offer free estimates and financing options. You can trust our highly trained HVAC contractors with your heat pump installation.

Ready to upgrade your HVAC unit and enjoy the savings? Contact the Michael Bonsby team at 301-990-7970 today.

How To Apply for the Inflation Reduction Act Heat Pump Tax Credit

Applying for the heat pump tax credit under the Inflation Reduction Act (IRA) of 2022 is a process that could lead to substantial savings on your energy improvements. Here’s how to do it:

Step 1: Determine Your Eligibility

To be eligible for the Energy-Efficient Home Improvement Credit, you must make qualifying improvements to your primary residence. This includes the installation of central air conditioners, heat pumps, and more. Renters and owners of second homes used as residences may also be able to claim credits.

Step 2: Choose the Right Improvement

Install a central air conditioner, water heater, furnace, boiler, or heat pump that meets the energy efficiency requirements detailed on energy.gov.

Step 3: Calculate Your Credit

The amount of credit you can claim is a percentage of the total improvement expenses in the year of installation. For 2023 through 2032, you can claim 30% of the cost, up to a maximum of $1,200, with no lifetime limit.

Step 4: Document Your Expenses

Keep all invoices and receipts related to your improvements. This includes the cost and installation of energy-efficient equipment.

Step 5: Apply for the Credit

Once you’ve gathered all the necessary documentation, you can apply for the credit on your federal tax return. The exact form may vary depending on the year and specifics of your improvements.

At Michael Bonsby HVAC, Plumbing & Electrical, we’re committed to helping you make this process as smooth as possible. We’ll provide guidance and help you understand these credits and how they may apply to your situation.

Whether you’ve installed a new system or are planning future improvements, we’re here to ensure you make the most of your investment.

Choose Michael Bonsby for Your HVAC Upgrades in Maryland

At Michael Bonsby, we help you save money and enhance your comfort with high-quality, energy-efficient HVAC systems. With over 20 years of service, our licensed and insured team provides 24-hour service, free estimates, upfront pricing, and flexible financing options.

As a family-owned business, we’re committed to providing outstanding service to homeowners and property management groups in Maryland and DC.

Looking for a trustworthy team for HVAC upgrades and installations in Maryland? Schedule an appointment with Michael Bonsby at 301-990-7970 today.