Arkansas HVACR NewsMagazine January 2024

HVACR NewsMagazine January 2024

pump, up to $2,000 including support for any electric system upgrades needed to make the home heat-pump-ready. Beginning in 2023 state programs offer low- and moderate-income households rebates for heat pumps at the point-of sale, cutting costs of purchase and installation up to $8,000. If home electrical upgrades are needed to integrate new heat pumps, rebates of up to $4,000 are available to households. For new vehicles, income-qualified households can receive a tax credit of up to $7,500. • The vehicle must be assembled in North America. • The vehicle must have a manufacturer’s suggested retail price of $80,000 or less for pickup trucks, vans, and sport utility vehicles (SUVs) and $55,000 or less for other vehicles, including sedans. For previously owned electric vehicles, income-qualified households can access a tax credit of up to $4,000. • The vehicle must be at least two years old and cost $25,000 or less. I want to buy an electric vehicle

• This credit applies to solar systems that are paired with battery storage as well as standalone battery storage installed without solar. The same website also has the following picture. You can find more information by clicking on the blue buttons; however you must go to the site for the buttons to work. You can click on this picture, you will be taken to the government site.

The IRA also has big tax credits for Home Builders

Here are examples copied from Energy Star: https://www.energystar.gov/about/federal _tax_credits/federal_tax_credit_archives/ta x_credits_home_builders

I want to install rooftop solar on my home

• Single-Family New Homes - $2,500 available for ENERGY STAR certified homes. • January 1, 2023 – December 31, 2024: ENERGY STAR Single Family New Home National

Households can receive a tax credit to cover 30% of the costs of installing rooftop solar.