Arkansas HVACR NewsMagazine January 2024

HVACR NewsMagazine January 2024

Programs that the states MAY implement include: • The Home Energy Performance-based, Whole House rebates (HOME Rebates) for: o Rebates for energy efficiency retrofits range from $2,000-$4,000 for individual households and up to $400,000 for multifamily buildings. o Grants to states to provide rebates for home retrofits. ▪ Up to $2,000 for retrofits reducing energy use by 20 percent or more, and up to $4,000 for retrofits saving 35% or more. ▪ Maximum rebates double for retrofits of low- and moderate income homes. • The High Efficiency Electric Home Rebate Program to:

o Other eligible rebates include electric stoves and clothes dryers, and insulation/air sealing measures.

I want to make my home and appliances more energy efficient

Households can access a tax credit to cover up to 30% of the costs for certain efficiency improvements. • Families can claim up to $1,200 in credit each year for adding insulation or installing efficient windows and doors, with a special credit of as much as $2,000 for electric heat pumps that provide super-efficient heating and cooling. • To help determine the best home improvement options, families can claim a credit of up to $150 for a home energy audit conducted by an inspector. State programs will begin to offer rebates for electric appliances and home retrofits, which will reduce household energy bills each month. o All households can access rebates of up to $4,000, while low- income households could receive up to $8,000 for home efficiency. o Low- and moderate-income households can access rebates covering up to 100% of the costs of installing electric appliances like heat pump water heaters and clothes dryers. I need to replace my furnace or air conditioner Households can claim a tax credit for 30% of the costs of buying and installing a heat

o Develop a high efficiency electric home rebate program with $225 million allocated for Tribes. o Includes point of sale rebates, administered by states. o Includes means testing and will provide 50% of the cost for incomes 80 to 150% of area median income, and 100% of the cost for incomes 80% of area medium income and below and similar tiers for multifamily buildings. o Includes a $14,000 cap per household, with a $8,000 cap for heat pump costs, $1,750 for a heat pump water heater, and $4,000 for panel/service upgrade. (Note that the $8,000 heat pump cap is for households at or below 80% of medium)