Heat Pump Installations Gain Momentum

An HVAC Minute Video Update: March 25, 2024

A recent New York Times article stated that heat pump installation has slowed over the past year, even though more and more Americans are choosing to purchase this equipment. The NYT said the slowing of sales can be attributed to rising inflation and interest rates, along with what some are saying is a slow and confusing rollout of federal government incentives for the purchase of heat pumps. A source quoted in the article from The New York Times said that incentives for heat pumps per the Inflation Reduction Act (IRA) isn’t even large enough to overcome the effect of inflation or higher interest rates that come with HVAC installation. Meaning that the cost of heat pumps is usually significant enough that homeowners may even need to borrow money to purchase one. However, even with all of these factors, heat pump sales did outsell its counterparts, gas furnaces, in 2023 by 27%. According to David Bixby, manager of codes and standards at ACCA, correct installation (key word: correct) is essential to the push for electrification.

Read the full article to learn more.

Hannah Belloli is an editor at The ACHR NEWS. She has been with BNP Media for over two years. Hannah holds a bachelor's degree in communications from Wayne State University, where she also obtained minors in English, journalism, and creative writing. As a daughter of a carpenter, she has admired the trade industry for as long as she can remember.

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