Written on: September 26, 2022 by ICM
Johnson Controls said it is helping to make residential energy efficiency more affordable and accessible for homeowners through robust financing options and rebates that are intended to maximize newly announced savings available through the Inflation Reduction Act. With higher-efficiency HVAC equipment from Johnson Controls, homeowners can reduce their heating and cooling costs by as much as 50% compared to low-efficiency systems, the company said.
Signed into law on Aug. 16, the federally-funded Inflation Reduction Act consists of a record $370 billion reserved spending for climate and energy initiatives. It offers homeowners an opportunity to save on the cost of replacing or upgrading their HVAC systems with higher-efficiency equipment that can lower their energy consumption and utility bills while working toward the goal of reducing Americans’ carbon footprint by 40% by 2030.
With support from a trusted HVAC contractor and Johnson Controls brands such as YORK, Luxaire, Coleman, Champion and Fraser-Johnston, homeowners can combine financing options, tax incentives and Johnson Controls rebates to achieve considerable savings and a reduced carbon footprint with a higher-efficiency home comfort system.
“The Inflation Reduction Act provides an unprecedented opportunity for homeowners to significantly reduce carbon emissions while lowering the financial burden of increasing energy costs,” said Katie McGinty, VP & Chief Sustainability & External Relations Officer, Johnson Controls. “Energy costs are spiraling, wars are being fought with energy being used as a weapon and severe weather events show the destructive power of climate change. At this difficult time, Johnson Controls is stepping up to support our customers with solutions that cut costs while helping to reduce emissions.”
In 2021, Johnson Controls announced a commitment to reduce absolute Scope 3 emissions by 16% and Scope 1 and 2 emissions by 55% before 2030. The company has also committed to invest approximately 75% of new product R&D in climate-related innovation to develop sustainable products and services, such as transitioning to low-GWP refrigerants and innovations in electric heat pump technology. In addition to helping customers achieve their net zero goals, Johnson Controls is continuing to take significant steps to further its long-standing leadership, including by pledging to achieve net zero carbon by 2040.
To help homeowners take advantage of the clean energy incentives available, Johnson Controls has compiled the latest available resources to help reduce upfront costs and provide savings during tax season.
Programs to Maximize Savings on Energy-Efficient HVAC Systems:
Energy-Efficient Home Improvement Credit: The 25C tax credits, which expired on Dec. 31, 2021, have been extended through Dec. 31, 2022, at the previous credit levels and requirements. Beginning with products installed on Jan. 1, 2023, and extending through the end of 2032, new energy tax credits will be available for qualifying equipment, including tax credits up to 30% of eligible expenses or up to $600 per appliance and $1,200 per year (up from 10% and $500 lifetime) and up to $2,000 per year for heat pumps.
Eligible products include high-efficiency air conditioners, furnaces, and heat pumps. For more information on these high-efficiency systems and savings, contact your local YORK, Luxaire, Coleman, Champion, Fraser-Johnston, Guardian or Evcon dealer.