News/Updates

Heat Pump Trends Revealed in Recent Mitsubishi Electric Survey

The latest insights from Mitsubishi Electric’s revealing 2023 Heat Pump Survey revealed interesting findings. This survey, known as the METUS 2023 Heat Pumps & Homeowners Index, unpacked some of the attitudes and preferences of American homeowners when it comes to sustainable home upgrades, particularly focusing on heat pumps.

What Did The Findings Reveal? 

One of the critical findings from this survey is the significant impact of government incentives on homeowners’ decisions. More than half of those who responded ranked government incentives, such as tax credits or rebates, as one of their top three reasons for considering the installation of a heat pump. This makes sense considering 63% of American homeowners replied that they have heard of the Inflation Reduction Act (IRA).

Energy efficiency and cost-effectiveness continue to be large concerns for homeowners. Around 83% of those surveyed expressed concern about the impact of energy bills on their household budgets. Furthermore, nearly half of respondents (46%) reported increased cooling costs in the summer, while 54% experienced higher heating costs during the winter months. Additionally, 49% of homeowners listed “reducing energy bills” as one of their top motivations for installing a heat pump.

Related: Understanding the Importance of HVAC Regulations and Code Compliance

Heat Pump or Not?

While 24% of people who responded to the survey already have heat pumps in their homes, a substantial 69% are open to the idea of installing one. The financial burden is still a major hurdle for homeowners looking to install a heat pump. The availability of the IRA’s Energy Efficient Home Improvement Credit (section 25C), which offers a 30% nonrefundable tax credit for qualified heat pump installations, is expected to drive further adoption of energy-saving heat pumps.

Mark Kuntz, CEO of Mitsubishi Electric Trane HVAC US, highlights the importance of educating homeowners about the benefits of all-climate heat pumps compared to traditional HVAC systems, especially in light of the financial incentives offered by the IRA.

Additionally, the survey uncovered that more homeowners are interested in tax credits for heat pumps and high-efficiency electric heating, ventilation, air conditioning, and water heating than in solar panels or electric vehicles. Millennials are particularly inclined towards tax credits for high-efficiency electric systems, with 65% expressing interest in these incentives.

Aireco is Here to Offer Top Branded Heat Pumps

Overall, this survey highlights the pivotal role of government incentives, such as those provided by the IRA, in influencing homeowners’ decisions to embrace energy-efficient heat pumps. As energy costs continue to rise, the appeal of heat pumps as a cost-effective and environmentally friendly solution is on the rise. To ensure that you are offering the best heat pump options to your customers, give our team at Aireco a call. We can walk you through top heat pump brands to help you help your customers.

Why HVAC Services and Equipment Companies Should Offer Financing

Does your HVAC services company offer financing for its customers? Believe it or not, offering financing for customers is becoming more and more common across the HVAC industry with the current state of the economy and rising prices across all facets of life. If you’re not offering this benefit to your clients, you could be losing out on both current and future business. 

Financing hasn’t always been common – much less popular – in HVAC services companies. It does have associated costs, and many HVAC contractors avoided it because of those costs. However, as prices rise and customers’ expendable income shrinks, offering financing is becoming more and more common to both retain clients and attract new business. 

Related: HVAC Industry Trends to Watch in 2023

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Understanding the Importance of HVAC Regulations and Code Compliance

Staying updated on the latest industry regulations and code compliance requirements is a critical component of being both an HVAC wholesaler and HVAC service business. This is especially true as regulatory bodies continue to introduce new rules and regulations regarding energy efficiency and environmental conservation. If HVAC companies and technicians don’t stay up to date, they can face penalties and fines, as well as decreased system reliability in their products and services. 

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Copeland Mobile: Revolutionizing the HVAC Industry with Resources at Your Fingertips

Technology plays a pivotal role in enhancing efficiency and precision for contractors in the HVAC industry, from advanced energy-efficient systems to digital tools for remote diagnostics and monitoring. As a leading wholesale HVAC distributor, Aireco understands the importance of providing contractors with the tools and resources they need to excel in their field. That’s why Aireco is proud to be a distributor of Copeland products and support the use of Copeland Mobile. For HVAC contractors, this app offers a wealth of information and features that can help enhance their service and benefit their customers. Aireco, in partnership with Copeland, encourages contractors to utilize Copeland Mobile as a valuable resource in delivering top-notch HVAC solutions to their clients.

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5 Reasons Why the Right HVAC Wholesale Partner Can Keep Your Projects on Schedule

Are you considering working with an HVAC wholesale supplier to streamline your business? There are lots of benefits to working with a company that can provide you with a steady stream of wholesale HVAC supplies. If your goal is to keep your team well-stocked with the right parts and tools this year, then it’s time to find the right HVAC wholesale partner. 

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