SUWANEE, Ga. — According to a survey conducted by Mitsubishi Electric Trane HVAC US (METUS), 63% of U.S. homeowners have heard of the Inflation Reduction Act (IRA,) and 54% ranked a government incentive, such as a tax credit or rebate, as one of the top three reasons why they would consider installing a heat pump.

These findings, among others, were uncovered by the METUS 2023 Heat Pumps & Homeowners Index. The survey explored homeowners’ attitudes toward the IRA and home upgrades, specifically heat pumps, that increase sustainability.

Most (83%) survey respondents said they were concerned about the impact of energy bills on their household budgets. Further, 46% responded that the cost to cool their homes last summer rose “somewhat” or “much more” than the summer before, and 54% said it cost “somewhat more” or “much more” to heat their home this winter, compared to last winter.

According to METUS, 24% of respondents said their home is already equipped with a heat pump, and 69% said they would consider installing a heat pump in their home. Some 28% of homeowners said the installation cost is preventing them from considering a heat pump. In addition to government incentives, reducing energy bills and improving air quality also were ranked among the top three reasons respondents would consider installing a heat pump, by 49% and 36%, respectively, of survey respondents.

“The financial incentives offered through the IRA are anticipated to accelerate the adoption of energy-saving, all-climate heat pumps,” said Mark Kuntz, the METUS CEO. “Our mission is to educate homeowners about the many benefits of all-climate heat pumps versus conventional heating and cooling systems.”

The survey also found that more homeowners would be interested in tax credits for installing a heat pump or high-efficiency electric heating, ventilation, air conditioning, and/or water heating than would be for installing solar panels or buying a new or used electric vehicle.