Category: Tax Credits and Rebates

Inflation Reduction Act: Energy-Efficient Rebates for NC Residents

Posted on | by Acosta Heating, Cooling & Electrical

Hand adjusting a modern thermostat displaying "SAVE" to promote energy efficiency in heating and cooling systems.

The Inflation Reduction Act is designed to tackle climate change head-on, helping people reduce their carbon footprint and save money. It offers up to $14,000 in tax credits and rebates for homeowners to make their properties more energy-efficient.

What Is the Inflation Reduction Act?

The IRA, signed into law in August 2022, addresses taxes, healthcare, and climate initiatives. The law includes a non-business energy property credit to help North Carolina homeowners make energy-efficient home improvements, including plumbing, heating, cooling, and electrical upgrades.

How Will This Affect Me?

The savings provided by the Inflation Reduction Act will reach communities across North Carolina, lowering expenses for families through:

  • Reduced energy costs and rebates from purchasing energy-efficient appliances, including heat pumps, water heaters, clothes dryers, and more.
  • Rebates on repairs and improvements to increase energy efficiency.
  • Tax credits cover 30% of the costs of installing solar panels.
  • Reduced energy costs and rebates from purchasing energy-efficient appliances, including heat pumps, water heaters, clothes dryers, and more.

The act also provides affordable housing unit improvements like clean energy and electrification.

What Are the Available Rebates?

There are two distinct rebate programs. The HOMES rebate program helps residents make their entire homes more energy-efficient. The High-Efficiency Electric Home Rebate Program, or HEEHRP, offers rebates for low and middle-income families to electrify their homes.

Through tax credits and rebates, North Carolina residents can receive significant savings:

  • Up to $8,000 for an ENERGY STAR® qualified heat pump
  • Up to $1,600 for air sealing, ventilation, and insulation
  • Up to $2,500 for improving electrical wiring
  • Up to $600 each, with an annual cap of $1,200, for a qualifying air conditioner or gas furnace
  • Up to $2,000 with a qualified heat pump or boiler

There is a $14,000 maximum benefit per home and an additional $500 for qualified contractor incentives. Some of these federal incentives are available immediately, while others don’t kick in until January 1, 2023. Still, more will be rolled out over the next 12 to 24 months.

Qualification & Eligibility Is Based on Household Income

States are administering this act individually, so availability and eligibility may vary. Because of this, it is recommended that you speak with a tax professional to ensure that you meet the rebate’s requirements. Your eligibility and the rebate amount you will receive depend on your household income:

  • 100% of the system purchase price qualifies for the rebate if your household’s income falls below 80% of your area’s median income
  • 50% of the system purchase price qualifies for the rebate if your household’s income falls within 80% to 150% of your area’s median income
  • If your household income is above 150% of your area’s median income, your home does not qualify for the rebate

What Changes Can I Make To Get the Rebate?

There has never been a better time to make energy-efficient improvements to your North Carolina home. Here are just some of the upgrades enabled by the act.

  • Installation of ENERGY STAR® windows, doors, and skylights
  • Purchase and installation of highest efficiency tier central air conditioners and other qualified electric, gas, and propane HVAC systems
  • Electrical upgrades that promote energy efficiency, including panel upgrades
  • Home energy audits
  • Installation of an electric heat pump and heat pump water heater

Unsure where to begin? Ask your power company or a professional heating, cooling, and electrical company like Acosta Heating, Cooling & Electrical to help upgrade your heating or cooling system or electrical system to one that meets the new standards and would make you eligible for the tax credit. You can also consult the government’s Clean Energy webpage for more information.

Moving Toward Greater Energy Efficiency With the IRA

The Inflation Reduction Act is the country’s most significant clean energy investment ever made. Its crucial incentives will make the transition to clean energy and a low-carbon life easy and financially savvy for all North Carolina residents.

While some incentives are available for DIYers, others require you to work with a professional installer. Backed by over 50 years of service, Acosta Heating, Cooling & Electrical delivers high-quality home improvement services to residents throughout the greater Charlotte, NC, area.

Contact us online or at [phone] today to learn more about the IRA or schedule services.

Can Solar Power Panels Save You Money?

Posted on | by Acosta Heating, Cooling & Electrical

Homeowners who are thinking about installing solar panels on their roofs are not just considering the advantages that this can have on the environment, but probably the advantages that this can have on their wallets as well. On top of saving you money on your power bill, there are numerous state rebates and tax incentives that come with using solar power panels. Check out the Database of State Incentives for Renewables & Efficiency website for more information.

As natural resources dwindle, the prices of traditionally produced power can only go up, which is why so many people are now considering micro-generation in their own homes.

Solar power panels can be fitted to the roof of a building and connected to the electricity supply within a matter of days, after which time, a considerable proportion of the property’s energy needs will be drawn from the biggest free resource we have – the sun.

Although using solar power panels is an investment, the rewards can be huge and save you a lot of money, especially as the cost to power the average home has grown exponentially over the last decade. Solar panels can also greatly increase the value of your home, which could be very critical in the current housing crisis. It could be the difference between selling your home or being stuck with that second mortgage.

For more information on solar power panels and how they work, check out this interactive diagram from PBS.

A Solar Heating System That Breaks New Ground in Home Comfort

Posted on | by Acosta Heating, Cooling & Electrical

The SunSource solar heating energy system from Lennox brings a new dimension to home comfort that goes way beyond obtaining power from the sun. Helped by roof-mounted modules, it converts sunlight into actual electricity, which can be used to run your air conditioner or heat pump while reducing your cooling and heating costs by up to half.

This solar heating system uses abundant, free solar energy to not only generate electricity to heat and cool your home, but it can even provide sufficient electricity to power your appliances, lights and more. The system is affordable, expandable and incredibly uncomplicated. This illustration shows how it works:

Innovative features of the SunSource solar heating system:

  • Select heat pumps and air conditioners from the Lennox collection can be modified with simple upgrades to act as platforms.
  • The condensing units meet or surpass the Environmental Protection Agency guidelines for energy efficiency. When used in conjunction with just 4 solar panels in a whole-home energy system, they can lower cooling and heating bills by up to 82% percent.
  • Up to 15 solar heating modules can be added in the future or at the time of installation.
  • You can use your broadband connection to send online performance information for each module to a 3rd party website where you can see how the system is working.
  • You get 24/7 access to real time data that shows the system’s status, environmental benefits, energy production, and carbon offsets. This monitoring system is free for five yearsVisit our Solar Solutions page for in-depth information about the SunSource system. If you live in the Charlotte area of North Carolina and would like to find out more, contact us to speak with a solar specialist today.

9 Benefits of Converting to Solar Power Panels

Posted on | by Acosta Heating, Cooling & Electrical

As you can surely imagine, the benefits of converting to a system using energy produced by solar power panels can be enormous. If you are tired of relying on traditional power usage and being subject to the rising costs of traditional power, perhaps converting your house to solar energy panels is a viable option for you. Here is a short list of benefits you may experience.

  • Though there is an initial cost of converting to solar power, the net investment is relatively low.
  • The amount of money you pay for electricity in the long run will likely be greatly reduced.
  • Using solar power panels will give you independence and security from rising oil and fossil fuel prices.
  • Energy produced from solar power panels is coming from a renewable source; as long as you have the equipment to harness the energy, there is no end to it.
  • There may be federal and/or state tax incentives available to you for converting to solar energy. Talk to a professional technician in your area to find out details.
  • The system is expandable, so you may initially choose only to have some of your power system reliant on solar power panels. For example, you could set up your home power system, so only your heating and cooling is solar powered; heating and cooling can account for 70% or more of the average household energy usage.
  • With a grid-tie system, which most systems are, it is possible to produce more energy than you use, and the excess energy goes into the power grid. In such a case, your electric company may actually pay you or give you a credit on your bill.
  • The value of your home will be appreciated with the installation of a solar power system.
  • Energy produced through solar power panels emits no pollution.

Invest That Tax Refund in a Heat Pump System, and You’ll See the Long-Term Payoff

Posted on | by Acosta Heating, Cooling & Electrical

It’s that time of year again when excited homeowners make plans for their tax refunds. Even more exciting is deciding to put that investment toward a more efficient heating and cooling system, which will often pay you back for the initial costs through energy savings. An air-source heat pump system is a wise choice for Charlotte-area homeowners, as our climate is conducive for its heat-moving technology.

Heat pump systems are well known for their highly efficient heating capabilities.

In cooling mode, they work just as efficiently as a central A/C system, but in heat mode, they are able to generate as much as four times the heat for every unit of energy they utilize. Generally set at a balance point of 35 degrees, they can effectively source heat in the outdoor air throughout the majority of winter.

No matter the season, heat pumps create a more comfortable home by delivering even amounts of conditioned air throughout the day. When selecting a system, consider efficiency ratings and advanced features to maximize performance:

  • Efficiency ratings – Heat pumps have two ratings, one for cooling and one for heating. For cooling, select a Seasonal Energy Efficiency Ratio (SEER) rating above 14, and for heating, select a Heating Seasonal Performance Factor (HSPF) rating above 8. Both of these ratings are for high-efficiency systems, which will net you higher energy savings over the life of the system.
  • Thermostatic expansion valve (TXV) – A TXV will meter exact amounts of refrigerant according to the daily weather, releasing more refrigerant during extreme temperatures.
  • Variable-speed blower – With the ability to adjust the air handler to multiple speeds, these systems consume less energy by operating at a lower speed for a majority of the day, and like a TXV, ramping up to high speeds only when the weather demands it.
  • Two-stage compressor – A two-stage compressor starts out at 70% of its capacity and if this satisfies your thermostat it stays there using less energy. However on extreme temperature days when 70% doesn’t satisfy your thermostat quick enough then the compressor will bump up to 100% capacity. This feature will manage energy consumption, and decrease wear and tear on the system.

Use your tax refund wisely and invest that money back into your home with a highly efficient heat pump system. For expert advice during the upgrade process, contact Acosta Heating, Cooling & Electrical, serving the greater Charlotte area as a local, family-owned company since 1972.

Lauren Acosta On 107.9 WLNK’S “The Satisfied Life”

Posted on | by Acosta Heating, Cooling & Electrical

Acosta Heating, Cooling & Electrical’s own, Lauren Acosta, joined “The Satisfied Life” radio show this past weekend. As an Acosta Comfort Specialist, Lauren brought her expertise of solar HVAC systems and indoor air quality solutions to Charlotte’s airwaves, offering insights and savings tips that every homeowner can appreciate. If you missed Sunday’s show, you can still listen to her interview by clicking the play button below: