MONEY BACK: Homeowners can get $8k in free cash to improve their houses under ‘efficiency’ program – you just need to apply

According to THE SUN, Several low-income residents in Arizona could soon benefit from financial relief due to new legislation allowing them to replace their air conditioners with heat pumps. This initiative follows President Joe Biden’s signing of the Inflation Reduction Act, which allocated funds to several states, including Arizona, to support energy-efficient home upgrades.

Up to $8,000 Rebate for Heat Pump Installation

Under the new anti-inflation rebate, qualifying homeowners could receive up to $8,000 for installing heat pumps instead of traditional air conditioning systems. Heat pumps are recognized for their energy efficiency because they transfer heat rather than generate it, providing both cooling and heating benefits depending on the season.

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Kevin Thompson, CEO of 9i Capital Group, highlighted the significance of this initiative for low-income households. “This is especially beneficial for low-income households who may not otherwise be able to afford to repair or replace their current air conditioning systems, which is crucial given Arizona’s record temperatures,” Thompson told Newsweek.

Eligibility and Rebate Details

To qualify for the rebate, homeowners must use heat pumps and meet specific income criteria:

• Households earning below 80% of the area median income are eligible for the full rebate.
• Those earning between 80% and 150% of the area median income can receive half of the rebate.
• Individuals making above 150% of the area median income are not eligible.

Efficiency Arizona Program

Arizona Governor Katie Hobbs recently launched the Efficiency Arizona program, aimed at increasing energy efficiency, promoting clean energy, and combating climate change. “It’s not going to stop being hot here anytime soon, and cost should not be a barrier to keeping Arizonans safe and healthy,” Hobbs said, according to Newsweek.

The heat pump rebate is just the first phase of Arizona’s broader plan. Future phases include a home retrofit program with multiple energy-saving options and a multifamily pilot program set for early 2025.

Expected Benefits and Future Plans

The rebate program is expected to roll out in the Fall, with the goal of improving energy efficiency and preventing outages during the hot summer months. Alex Beene, a professor at the University of Tennessee, emphasized the importance of this initiative in light of Arizona’s frequent record-breaking temperatures. “It only makes sense this latest round of rebates would target some of the lowest income taxpayers in the state,” Beene told the outlet.

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The U.S. Department of Energy is gradually implementing the rebates, with state governments setting aside funding for eligible residents. The Inflation Reduction Act provides funds through 2031, with Arizona anticipating that 23,000 households will benefit from the program and enjoy a reduction in average energy costs by nearly $763 a year.