2024 is an excellent year to install new and more energy-efficient HVAC equipment in your Fort Mill, SC home. Not only do HVAC efficiency upgrades lead to lower and more manageable home energy bills, but they can also qualify you for some pretty impressive rebates under the Inflation Reduction Act of 2022. Under this act, South Carolina was granted $137 million for the implementation of two state-managed home energy rebate programs. Under the guidance of the United States Department of Energy (DOE), SC has established the High-Efficiency Electric Home Rebates and the Home Energy Performance-Based, Whole-House Rebates programs. Read on to find out how you can capitalize on this influx of funding while reducing both your carbon footprint and your monthly utility charges.
The HOME Rebates Program
Dubbed the “HOME Rebates Program”, the Home Energy Performance-Based, Whole-House Rebates program has $68 million in available funding. It offers between $2,000 and $4,000 in rebates for single-family home retrofits that produce the required minimum energy savings. For low to medium-income households, there’s the opportunity to get twice as much funding for energy-efficiency upgrades. Moreover, those who own multi-family properties could qualify for up to $400,000 in total tax incentives under this program alone.
The home rebates program offers money for efficiency measures like:
- Updating windows
- Increasing insulation
- Adding weatherstripping
- Updating siding or roofing materials
These monies can help you tighten your home’s envelope so that your HVAC system doesn’t have to work as hard or use as much energy to create and maintain the indoor temperatures you want.
High-Efficiency Electric Home Rebates
When replacing HVAC equipment in 2024, you could qualify for up to $14,000 in rebates depending upon the type of equipment you install and the efficiency improvements it provides. The High-Efficiency Electric Home Rebates program in SC also has $68 million in funding to reward these incentives. Among some of the HVAC projects that qualify for this funding are:
- HVAC air duct sealing and insulation
- Materials for improved mechanical ventilation
- Installing an electric heat pump
- Air sealing
In some instances, SC residents can also apply for rebates for the costs of upgrading electrical panels to accommodate heat pump installation. Other small-sized improvements like smart thermostat installation for energy consumption tracking and energy use management could qualify too.
How Funding Is Determined and Distributed
To qualify for either of these programs, you must make less than 150% of the area’s median income (AMI). In 2023, the AMI for South Carolina was $59,318. Moreover, households earning less than 80% of the AMI are qualified for more funding. Although funding was awarded to the State of South Carolina in 2022, 2023 was used to plan the implementation of both programs as a joint process with the DOE. Currently, only home efficiency improvements and electrical home improvements made after January 1, 2024 are eligible for these monies.
Other SC Incentives and Rebates for HVAC Upgrades in 2024
There are also ongoing incentives for efficiency upgrades offered by Energy Star. Energy Star is a joint project of the U.S. Environmental Protection Agency (EPA) and the DOE. Many Energy Star-rated heat pumps and electric furnaces qualify for state incentives, as do Energy Star-manufactured homes with efficient heating and cooling appliances like these. The HOME Rebates program and the High-Efficiency Electric Home Rebates program are implemented and managed by the DOE along with in-state solution centers. Additional Energy Star-related incentives can be accessed via the Energy Star online rebate finder.
The Best Way to Optimize Your Savings During HVAC Installation
Timing, efficiency, and other factors all impact homeowners’ ability to qualify for and receive these incentives. The best way to avoid missing out on these savings is by working with a licensed HVAC company that knows how to leverage them. We help our clients find qualifying equipment that matches their budgets, goals, and climate control needs. We’re also skilled in helping consumers find and file the right paperwork and take other necessary actions to complete the application process.
We’re committed to helping residents of Fort Mills, SC create comfortable, efficient homes. We offer heating solutions, cooling, and duct cleaning services. We also provide thermostat repairs and preventative maintenance plans. To find out more about 2024 HVAC rebates and incentives or schedule an appointment, contact Arce Heating & AC now.
