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2024 HVAC Rebates for Virginia Residents

If you have been considering an HVAC replacement for your Virginia home, there is no better time than now. Between utility rebates, federal rebates, and the new tax incentives introduced by the Inflation Reduction Act, you can save significantly on a new heating system or air conditioner when you upgrade to the latest, most energy-efficient technologies.

At Albemarle Heating & Air, we’re committed to helping our customers be environmentally friendly and lower utility bills. That’s why we’ve identified the best HVAC rebates and tax incentives for Virginia homeowners and install qualifying systems.

We truly care about your health, safety & comfort

What’s the Difference Between Tax Credits & Rebates?

With a tax incentive, you can get money back for your HVAC installation, but you’ll have to wait for tax season. For instance, if a new furnace earns you a $600 tax incentive, and you owe $2,000 for taxes, the tax incentive would lower the amount of tax you pay to $1,400.

Rebates offer more immediate savings. After filling out some paperwork and showing proof of purchase, you can receive a portion of the purchase price for your equipment within a few weeks to a few months. Some rebates are instant rebates, allowing you to receive a discount when you purchase your new heating or air conditioning system.

Federal HVAC Tax Credits

With the passage of the Inflation Reduction Act in 2022, new tax incentives were created for homeowners who installed ENERGY STAR® certified heating and cooling systems, helping consumers save money on their energy bills now and for the life of the equipment.

Here are the details for federal tax incentives on each type of system:

  • Air-source heat pumps can earn you a tax incentive valued at 30% of the project’s total cost, including installation, up to $2,000. The only requirement for southern states is that it has the ENERGY STAR® label.
  • Ductless mini-splits can qualify you for a tax incentive of 30% of the project cost, up to $2,000. The equipment must have an efficiency rating of at least 16 SEER2, 12 EER2, or 9 HSPF2.
  • Central air conditioners can earn you an incentive of 30% of the project cost, up to $600. The AC unit must be rated 16 SEER2 or higher.
  • Gas and oil boilers can qualify you for an incentive of 30% of the project cost, up to $600. The boiler needs to be rated 95% AFUE or higher.
  • Gas and oil furnaces can earn an incentive of 30% of the project cost, up to $600. The furnace must be rated 97% AFUE or higher.

You can claim a maximum of $3,200 in energy-efficiency tax credits per year, so if you need to replace more than one system or install other qualifying products like new windows, you may need to spread the upgrades out over a few years for the greatest savings.

What Federal Programs Are There for Home Energy Rebates?

There are two federal home energy rebate programs. The Electrification and Appliance Rebates program offers rebates for select appliances determined by each state’s energy office, such as air-source heat pumps or heat pump water heaters. These rebates are only available for low- to moderate-income families.

The Home Efficiency Rebates program offers rebates for energy-efficient home upgrades that collectively reduce your household energy use by 20% or more. These products must be ENERGY STAR® certified, and there are no income limitations to qualify.

States must apply for federal funding for these rebates. They should be available in Virginia in 2025.

HVAC Rebates for Virginia Homeowners

Many rebates for energy-efficient home upgrades are also available from local utility providers in Virginia. Availability will depend on your location, but participating utility providers Albemarle Heating & Air work with include:

Are There Any Exclusions for HVAC Tax Credits & Rebates?

Several exclusions apply to these programs, including:

  • Commercial properties: Commercial properties do not qualify for these rebates, though there are tax deductions for commercial buildings to help businesses save on energy-efficient upgrades.
  • High-income households: Households that earn more than 150% of the area’s median income do not qualify for the Electrification and Appliance Rebates program.
  • Residential new construction: Most rebates are available only for existing homes, and new-construction homes do not qualify. There are separate tax credits for home builders.
  • Multiple federal rebates for the same system: You cannot combine multiple federal rebates for a single system installation, though you can combine federal and local rebates.
  • Retroactive incentives: Systems installed before the Inflation Reduction Act went into effect do not qualify for rebates, even if they meet all the other requirements.

Schedule an HVAC Installation in Virginia Today

Are you ready to upgrade your comfort while enjoying significant savings? Talk to the expert team at Albemarle Heating & Air. We can help you find the best rebates for your new HVAC system and provide a professional installation using our Proven Process so you can make the most of your investment.

Our company provides free replacement quotes and financing options on approved credit to make the process as easy as possible. We ensure top-rated customer service from the moment you contact our team!

Call 434-293-4556 today to schedule an HVAC installation in Albemarle, Fluvanna, Louisa, Nelson, Augusta, Madison, Greene, or Orange County.

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