Amazing Rebates & Special Offers!
Starting September 1st, 2024 and for a limited time, the City is also offering a $4,000 bonus rebate on top of the $2,000. Don't miss out on this amazing limited time offer!
Why Change From Heating Oil?
Heating oil is the least efficient, most expensive, and most polluting form of home heating in Seattle. With heating oil prices at an all-time high and generous incentives to finance the project, there’s never been a better time to switch to an energy-efficient heat pump that can save you more than 50% on your annual heating costs. Heat pumps also provide air-conditioning, making them a great solution for year-round comfort.
In addition, underground oil tanks can rust and develop leaks that contaminate your soil and groundwater. Switching to electric heat and decommissioning your oil tank can reduce the risk of contamination. There are an estimated 8,000-10,000 homes heating with oil in Seattle (down from approximately 18,000 in 2018), and the City is committed to helping transition all remaining households by 2030 through instant rebates and no-cost conversions for income-qualified households.
Understanding the Inflation Reduction Act: A Guide for Seattle Homeowners
Historic Climate Investment
The Inflation Reduction Act (IRA) represents a monumental step towards a greener future, marking the largest climate investment in U.S. history. This comprehensive legislation aims to significantly reduce greenhouse gas emissions, targeting a 31-44% reduction from 2005 levels by 2030. On Aug. 16, 2022, President Joseph R. Biden signed the landmark Inflation Reduction Act (IRA) into law. The law includes $391 billion to support clean energy and address climate change, including $8.8 billion in rebates for home energy efficiency and electrification projects.
Encouraging Efficient, Electric Solutions
At the heart of the IRA lies a commitment to promoting energy-efficient, electric solutions. The Act encourages the adoption of advanced heat pumps, recognizing their potential to transform homes into eco-friendly havens. By transitioning away from traditional fossil fuel-based systems, homeowners can not only reduce their carbon footprint but also reap substantial savings on energy costs.
Takeaway for Seattle Homeowners
The Inflation Reduction Act offers Seattle homeowners a valuable chance to upgrade their homes with energy-efficient solutions. Generous incentives are available for installing advanced appliances like heat pumps, making these upgrades more affordable than ever. By taking advantage of these opportunities, you'll not only save on energy bills but also contribute to a greener, more sustainable Seattle. Embrace these changes and be part of a movement towards a cleaner, more energy-efficient future for your home and community.
How to Claim the Federal Tax Credits
These credits are managed by the U.S. Internal Revenue Service (IRS) and can be claimed with your federal income taxes for the year in which the upgrades are made.
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Claim the credits using the IRS Form 5695.
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Instructions for Form 5695 (Print Version - PDF)
