New Yorkers can get major tax credits for HVAC upgrades in 2024-2031

Get your share of $18.5 billion in tax credits for programs that will help you make your home more energy efficient.

The money comes through two programs established by the Inflation Reduction Act. The goal is to reduce energy costs. Some upgrades carry thousands of dollars in incentives while others pay hundreds of dollars – and will hold the line on future energy bills. The programs are slated to last until 2031, or when the money runs out.

The tax credits are aimed at homeowners and renters.

“Homeowners who improve their primary residence will find the most opportunities to claim a credit for qualifying expenses. Renters may also be able to claim credits, as well as owners of second homes used as residences,” the Internal Revenue Service said..

• The Home Efficiency Rebates program provides funding for energy efficient air conditioning, insulation, windows, doors, smart thermostats and air sealing.

Details: https://www.energy.gov/scep/home-efficiency-rebates

• The Home Electrification and Appliances Rebates program helps to fund electric heat pumps, electric load service center, water heaters, electric stoves, insulation, air sealing, ventilation improvements and other upgrades.

Details: https://www.energy.gov/scep/home-electrification-and-appliance-rebates

A detailed breakdown on tax credits for energy upgrades is at

https://www.irs.gov/credits-deductions/home-energy-tax-credits

Premier installs and maintains heat pumps, furnaces, boilers and other heating, ventilation and air-conditioning equipment.