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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.
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.
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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.
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.