If you’re planning to make energy efficient upgrades to your home, 2024 is the year to do it and the team at Princeton Air can help! There are numerous incentives available to homeowners throughout Mercer, Middlesex, and Somerset counties in New Jersey and Bucks County, PA that can make essential home improvements, like insulation and heat pump installation, more affordable.
We stay up-to-date with what rebates and tax credits are available in our service areas so that we can help you maximize your savings on reliable and long-lasting solutions to make your home more comfortable, healthy, and energy efficient. Here are the incentives on our radar for 2024:
Inflation Reduction Act Tax Credits
Formally known as the Energy Efficient Home Improvement Tax Credit, the Inflation Reduction Act (IRA) tax credits can reduce your federal tax liability by 30% of the total cost of qualifying home upgrades. With an annual cap of $3,200, several of our services are eligible for the energy efficient tax credit, including:
- Ducted heat pumps and ductless mini splits ($2,000 annual limit)
- High-efficiency furnaces, boilers, and central air conditioners ($600 annual limit)
- High-efficiency water heaters ($600 annual limit)
- Insulation and air sealing ($1,200 annual limit)
- Energy audits ($150 annual limit)
Homeowners installing geothermal heating and cooling systems are also eligible for the 30% tax credit, but without an annual cap. The credit is also different for geothermal heat pumps because if there is a remaining balance after your tax liability reaches zero, it will roll over to the following year. This is different from the other qualifying home upgrades listed above.
Local Utility Rebates
Princeton Air is a participating contractor in rebate programs with utility providers in New Jersey and Bucks County. This allows us to help you qualify for thousands in savings on HVAC equipment, energy efficient appliances, and more. Many utility companies even offer 0% interest On-Bill Repayment Program (OBR) financing to lower your out of pocket expense. Our team can help you find out which incentives you qualify for during an initial consultation and help guarantee your rebates with the following companies:
Maximize Your Savings with Princeton Air
For more than 50 years, we’ve been helping homeowners find ways to make their homes healthier, more comfortable, and energy efficient. Our team is committed to not only providing reliable solutions backed by building science, but to help make improving your home more affordable. Whether you’re in need of heating and cooling upgrades or want to improve your home’s performance with effective insulation, Princeton Air is your one-stop-shop for energy efficiency!
