How will the Inflation Reduction Act impact Maine Homeowners installing heat pumps?
There are a lot of questions about how the Inflation Reduction Act (IRA) will impact Maine homeowners installing heat pumps in 2023. As the parameters are announced, Dave’s World will update this page to help guide Maine’s understanding of the IRA and its benefit to Maine homeowners.
When will the incentive programs go into effect?
Most programs will begin on January 1, 2023. Tax credits and deductions will be expanded for projects billed as of January 1, 2023. Additional rebates may be available later in the year. The details of how much money a consumer can expect in rebates and who qualifies to receive the rebates has not been announced.
How will the tax credit impact heat pump installations in 2023?
A tax credit of up to $2,000 was put into effect for any projects billed as of January 1, 2023. The criteria for qualifying requires customers to have a tax liability of $2,000 or more, and only certain equipment qualifies for this credit. We are working with vendors to get an updated list of which equipment qualifies, so please get in touch with us for more information. This credit resets each tax year, effectively becoming available again for additional projects.
Should I wait to install a heat pump?
The short answer is no. Dave’s World is currently scheduling most installs in 2023, so it’s best to request your consult now as we do anticipate an increase in requests.
For more details and information on how the IRA can impact homeowners and contractors, please visit https://www.mitsubishicomfort.com/inflation-reduction-act