New Carrier EcoHome™ Program Helps Maximize Inflation Reduction Act's Impact on Consumers and the Planet
Against the backdrop of the ambitious new Inflation Reduction Act, which provides Americans with access to $370 billion for clean energy investments in the form of tax credits, incentives and rebates to improve energy efficiency, Carrier has launched its new Carrier EcoHome Program. Designed to help homeowners, home builders and HVAC contractors best utilize the long-term tax credits available, the program also helps consumers further maximize savings while improving sustainability. Carrier Global Corporation (NYSE:CARR) is the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions.
Carrier's EcoHome Program features strategic financing options available only through Carrier's network of experienced dealers. For qualified buyers in 2023, the new Carrier EcoHome Program will offer low-rate financing on eligible high-efficiency products such as Carrier's Infinity® series air conditioners and heat pumps. Additionally, consumers may qualify for up to $1,750 of additional savings with Carrier's Cool Cash seasonal program offered by most Carrier Factory Authorized Dealers. Eligible buyers have the potential to increase system savings from $300 up to $3,750 or more on certain high-efficiency heat pump systems through a combination of Inflation Reduction Act incentives and Carrier's Cool Cash offerings.
Eligible products include Carrier's Infinity 24 heat pump with Greenspeed® intelligence. These solutions can lower heating and cooling costs, saving consumers up to 20% annually, while reducing greenhouse gas emissions by up to 13 metric tons over their average lifespan.1 The Carrier rebates and financing options available through its dealer network, coupled with federal incentives related to energy-efficient models, present consumers with a win-win of sustainable, cost-effective heating and cooling solutions.
"The unprecedented incentives available present consumers with a compelling opportunity to replace any aging, lower-efficiency HVAC systems with advanced, high-efficiency technology at a fraction of the cost," said Chris Nelson, President, HVAC, Carrier. "The cost savings are measurable - for both the initial purchase and monthly energy costs - as are the environmental benefits. Recent studies have shown that if all single-family homes in the U.S. adopted heat pumps, the total annual emissions reduction would be at least 160 million metric tons - equivalent to taking 32 million cars off the road. The support of the Administration and Congress to encourage this shift to climate-friendly technologies signals an important step forward, and Carrier is committed to doing its part to drive progress."
In anticipation of an expected increase in consumer demand, Carrier is also designating its Collierville, Tennessee facility as its Center of Excellence for high-efficiency heat pump production and will invest in the development of new energy-efficient, low Global Warming Potential (GWP)-refrigerant heat pump solutions. Carrier has already committed to investing $2 billion by the end of 2030 on sustainable solution innovation, with a focus on more energy-efficient air conditioning systems, lower-GWP refrigerants and refrigerant alternatives, and electric heat pumps.
Consumers can also turn to the experts at Carrier for educational resources about the various tax credits available, including:
- Nonbusiness Energy Property Credit: Provides a tax credit to homeowners equal to 30% of installation costs for the highest efficiency tier products, up to a maximum of $600 for qualified air conditioners and furnaces, and a maximum of $2,000 for qualified heat pumps effective Jan. 1, 2023.
- Residential Energy Efficient Property Credit: Provides a tax credit to homeowners equal to 30% of installation costs for ENERGY STAR® geothermal products.
- New Energy Efficient Home Credit: Provides tax credits to building contractors for meeting specific, energy-savings criteria. The tax credits for ENERGY STAR 3.1 certified housing are $2,500 for single-family homes and $500 for multi-family units. For meeting the Department of Energy's Zero Energy Ready requirements, the tax credit increases to $5,000 for single-family and $1,000 for multi-family residences.
- High-Efficiency Electric Home Rebate Program: Provides income-depending rebates of up to $8,000 for all-electric heat pumps to eligible homeowners.
To learn more about the Carrier EcoHome Program, the Inflation Reduction Act and eligible solutions, visit carrier.com or find an expert dealer near you.
1. Based on U.S. Energy Information Administration and estimated energy savings.
Founded by the inventor of modern air conditioning, Carrier is a world leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a part of Carrier Global Corporation, the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions. For more information, visit carrier.com or follow @CarrierAtHome on Twitter.