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Have you been searching for the perfect—maybe even offbeat and unique gift—for your spouse or a special family member this holiday? If so, we’d like to suggest the gift that keeps giving all year—reliable, indoor comfort.

And thanks to the Inflation Reduction Act of 2022 (the “IRA”), giving the gift of comfort this season may be more affordable than ever. There’s never been a better time to invest in home improvement.

Here’s why: The Inflation Reduction Act can save you money while you upgrade your home—and you don’t want to miss out on these savings. So, as the year ends, we’re here to remind you that you should consider making energy-efficient upgrades now. If you act before the year ends, you may be able to claim specific upgrades on your 2023 tax filings—and possibly save up to $3,200. It’s like Santa is visiting all year long!

Understanding the Inflation Reduction Act

If you’re not familiar with the Inflation Reduction Act, here are some highlights:

  • The new law provides federal tax credits for eligible homeowners who make energy-efficient home improvements.
  • The tax credits include qualifying energy-efficient HVAC systems, heat pump water heaters, geothermal heating installation, insulation improvements, and some high efficiency water heaters.
  • Homeowners can claim tax credits of 30% of the costs for the upgrades, up to $3,200 for making qualified energy-efficient home improvements.
  • The law empowers you to improve your energy use and save while helping boost energy efficiency.
  • Homeowners can take advantage of the credit every year through 2023 to make upgrades, as it resets annually.

Upgrade Now & Save at Tax Time

So, how has your home been treating you? Water heater giving you the cold shoulder? HVAC system cycling on and off? Then what are you waiting for? Now is the time to pull the trigger and upgrade that outdated system to a more energy-efficient model.

Unsure of what systems qualify? Here are some examples of eligible home products for the IRA tax credits:

  • Heat pumps for heating and cooling
  • Some high efficiency AC/furnace units
  • Water heaters
  • Biomass stoves
  • Advanced main air circulating fans
  • Insulation
  • Natural gas, propane, or oil furnace or hot water boiler with an AFUE of at least 95
  • Certain types of air-source and ground-source heat pumps
  • Certain types of biomass-fueled boilers, and certain types of circulating fans for natural gas furnaces

Conway Is Here to Help!

We understand that the new IRA law and its associated tax credits can be confusing. For this reason, a great deal of misleading information is floating on the web. When you have questions, remember that the team at Conway is just a phone call away.

As you consider replacing your current system, our comfort advisors can help you understand which systems are eligible for tax credits under the new law. We will also work with you to replace your system by the end of the year so you can benefit from a 2023 tax credit.

(Note: While we can provide information about what equipment is eligible, keep in mind that Conway is not a licensed tax professional. We recommend consulting with a tax advisor for any in-depth tax credit queries.)

Wrap Up Comfort & Enjoy Peace This Season

At Conway, we are committed to helping our customers experience true indoor comfort while helping them stay on budget. This is why we highly suggest taking full advantage of the new IRA tax credit before the end of this year.

When you invest in a new comfort system by the end of 2023, you may be able to put more money in your pocket when tax season arrives.