Florida Gov. Ron DeSantis vetoed a $5 million grant that was to pay for administering the distribution of $346 million in federal Inflation Reduction Act rebate money in the state.
The Inflation Reduction Act’s major incentive for the installation of a qualified geothermal system is a 30% federal clean energy credit, which can be used at filing time to offset taxes owed or add to any refund.
The IRA incentivizes high-efficiency replacements and encourages the move to electrification, which is simply replacing fossil fuel systems with an alternative, electric heat source.
Nearly $9 billion in federal rebate money is eye-catching but months away. Experts say the Inflation Reduction Act’s enhanced tax credits, for consumers and contractors, are the best bets now.
The last two years have been very good for the HVAC industry, thanks to robust demand for new equipment; however, manufacturers worry that inflation, rising interest rates, and a possible recession could dampen growth in 2023.
As the U.S. moves toward electrification, heat pumps are becoming more popular, which will likely increase sales in the coming years. The key is to know which type of heat pump will work best for an application, as there is a wide range of equipment from which to choose.
With the AHR Expo in Atlanta just a week away, The Climate Control Group COO Kevin McNamara met with The ACHR NEWS and other members of the trade press to give an outlook on the 2023 HVAC industry.