With the cost of living rising, there are many things families can do to save more than a few dollars in their everyday lives. One of the most popular actions to take when bills become a bit too high is to save energy, but most of us already do the most common actions: turn lights off when we leave a room, keep the thermostat at a reasonable temperature, limit water usage when washing your teeth and unplug unnecessary appliances that are always in use.
But what if there were more things that could be done to save you money, especially in the long run? Well, we all know that some of our appliances are inefficient, but replacing them is an expense that not many can take on, especially if they still work. A few more months of added savings are preferable to the expense of replacing a working model, especially when the cost of running it is, comparatively, so low.
This is why it is so important to be informed: with the cold weather approaching and our water heaters working overtime, replacing this piece of equipment may not be as expensive as you may think and will probably save you a fair amount of money.
What Is A Heat Pump Water Heater?
According to Energy Star, a heat pump water heater “uses electricity to move heat from one place to another instead of generating heat directly,” maximizing energy efficiency and reducing utility costs for a household of four by around $550 per year. However, not all people are aware of their existence or their importance in a home energy system, which is why many people have not installed them even when given the chance.
But that can change now, especially for those reading about the new incentives offered by the Inflation Reduction Act to make such home energy-efficiency upgrades. Depending on where you live and how old your water heater is, you could qualify for up to $1,750 for a heat pump water heater through the Home Electrification and Appliance Rebates program.
Additionally, you can claim up to 30% of your heat pump installation costs (up to $2,000) through the Energy Efficient Home Improvement Credit program. This would not only save a lot of money, but the upgrade could be practically free if you are smart with your savings, plus all the money you would save on your bills after the upgrade.
