The Inflation Reduction Act (IRA) stands to help homeowners save thousands with tax rebates on new energy-efficient HVAC system purchases, but it’s easy to get lost in the headlines and dollar signs. There are a few things you need to know before getting excited about savings.
For Oregon residents, those savings and rebates won’t arrive on January 1st, 2023 like they may for other states. Let’s quickly break down how the IRA impacts you and when you can expect to see these rebate programs roll out in your area.
The IRA Includes Two Programs: HOMES and HEERHA
There are two programs that deal with tax rebates.
The HOMES program aims to help you save money by lowering your home’s energy consumption due to the installation of new energy-efficient appliances, including HVAC systems. The HOMES program allows you to earn rebates by installing new insulation in your home as well, which ties into your energy efficiency plan and reduces energy use.
The HEERHA program provides tax rebates by way of point-of-sale discounts. Depending on income level, low-income to median-income families can receive up to $14,000 in rebates related to electrification projects. As far as HVAC is concerned, you can receive up to $8,000 in tax rebates for new heat pump installations.
What’s the Delay for Oregon Residents?
The Oregon Department of Energy is not expected to fully mobilize the implementation of these plans on January 1st, 2023. There is no timeline set in stone, though speculation reveals that these programs should be available to Oregon residents in mid-2023, though they may take until 2024.
While the IRA was passed on a federal level, state implementation has no precedent, as of yet. This means that every state has to find a way to offer these rebates to their residents in an effective way. For Oregon, unfortunately, it means there will be delays.
At the time of writing, you will not be able to receive HOMES or HEERHA tax rebates in Oregon on January 1st, 2023. These programs are expected to extend to 2031. Despite the slow start, they will be available for an extended period of time.
How Do You Proceed as an Oregon Resident?
Continue to follow our blog for updates in the near future. Once information relating to the IRA rebate availability is revealed, we’ll be sure to keep you informed. In the meantime, this waiting period can be seen as an opportunity to optimize your home as much as possible in anticipation of incoming rebates.
You can install new Wi-Fi smart thermostats or plan your first heat pump installation and execute that plan when it’s time to reap the rewards of the IRA tax rebates.
Contact Chase Heating and Cooling when you’re ready to take the next step in transforming your home’s energy efficiency.