2024 Heat Pump Rebates for Colorado Homeowners
Heat pumps are one of the most energy-efficient heating and cooling systems available, making them an ideal choice for Colorado homeowners.
If you’ve considered replacing your current HVAC system, now is a great time to install a new heat pump, especially considering the rebates that are still available, thanks to the 2022 Inflation Reduction Act.
What Is HEEHRA?
HEEHRA, or the High-Efficiency Electric Home Rebate Act, was passed by Congress as part of the 2022 Inflation Reduction Act.
Unlike tax credits, this 10-year program provides instant rebates for low- and moderate-income households that install more energy-efficient appliances such as heat pumps.
Who Is Eligible for HEEHRA Heat Pump Rebates?
Colorado homeowners who meet these eligibility requirements can take advantage of the HEERA rebates:
- Low-income households are defined as those who make less than 80% of the area’s median family income.
- Moderate-income households are defined as those who make 80–150% of the area’s median family income.
Eligibility will vary depending on whether you live in high-cost-of-living areas like Denver or a lower-cost-of-living area. You can look up your area’s median income using this tool from Fannie Mae.
How Much Will My HEEHRA Heat Pump Rebate Be?
Through the HEEHRA program, homeowners can receive up to $8,000 on qualifying heat pump installations or replacements, but your exact rebate amount will depend on your family’s income level:
- Low-income households: 100% of the cost, including installation
- Moderate-income households: 50% of the cost, including installation
When Will HEEHRA Rebates Be Available?
These rebates are expected to be available in some areas as early as the third quarter of 2024. They should be available everywhere by 2025. In the meantime, there are several things you can do to ensure you’re ready to take advantage of the HEEHRA rebates when they become available.
Conduct an Energy Audit
A professional like those at Absolute Electrical, Plumbing, Heating & Air can work with you to assess your home’s energy usage. We’ll help you determine where to invest your time and money on energy upgrades.
Determine Which Heat Pump Is Right for You
As these rebates become available, you can expect that there will be a shortage of heat pump systems. It can be helpful to determine which heat pump is right for your home ahead of time.
The experienced technicians at Absolute Electrical, Plumbing, Heating & Air can help you find one to fit your needs and budget.
Choose Absolute Plumbing, Electrical, Heating & Air
The pros at Absolute Plumbing, Electrical, Heating & Air are here for all your heating and cooling needs. We keep your home’s essential systems running properly with repairs, replacements, installations, and maintenance. We’re available 24/7 to take your call.
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