Understanding the implications of the Inflation Reduction Act and its impact on pricing jobs for installing heat pumps or heat pump water heaters can be daunting. However, a new resource from ENERGY STAR aims to simplify this process, specifically tailored for selling and installing Air Source Heat Pumps, Heat Pump Water Heaters, and Electric Panel Upgrades. It’s crucial for both contractors and property owners to grasp these credits, as they can cover up to 30% of project costs.
Here’s a quick overview:
Total Annual Limit: The $2,000 heat pump credit can be combined with credits up to $1,200 for other qualified upgrades made in one tax year.
Effective Date: Products purchased and installed between January 1, 2023, and December 31, 2032.
Tax Credit: An amount taxpayers can claim on their federal tax return to reduce income tax owed.
Who Qualifies: Must be an existing home and principal residence (owned or rented). Does not apply for new construction and rental properties.
What to Keep: Customers should keep their receipts and any relevant materials, such as product labels, that identify the purchased product.
For a simple one-page explanation and a list of qualifying products, check out the resource provided by ENERGY STAR.
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Looking for the latest from @procoretech and Conex Bänninger (IBP GROUP LLC)? Find it in MCAA’s Virtual Trade Show!
https://ow.ly/4lGv50PSanB
Until now, handwashing has taken place within the confines of the restroom. @sloan_valve demonstrates how handwashing Is moving beyond the restroom. >> https://ow.ly/MH0U50PS1a2
Thank you for attending the 2023 GreatFutures Forum in Milwaukee! Can’t wait to see you in Seattle in 2024!
Congrats to the champs of the GFF23 Trivia, California State University, Chico! As thee winners, the student team will select a charity to receive a $500 donation.
To celebrate MCAA’s 20 Years of Safety Excellence, MCAA is offering monthly safety kits to benefit our contractors and the mechanical industry workers they support. This month’s kit focuses on confined spaces. Get your copy today!
https://ow.ly/kOc350PM7le
