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(VA) 757-819-4770 / (NC) 252-489-4431
If you’ve made the decision to replace or upgrade one of your home’s heating, cooling, or indoor air quality systems, Russell’s Heating & Cooling has the financing tools to help spread out payments and keep your new upgrade affordable.
The Inflation Reduction Act was passed in 2022 and within it are several incentives for Virginia and North Carolina homeowners to make energy efficient upgrades to their homes. Here are the details:
Also known as the 25C Tax Credit, the Energy Efficient Home Improvement Tax Credit allows homeowners to save up to 30% on qualifying home improvements with a federal tax credit. The IRA federal tax credit can be claimed multiple years in a row by filing IRS Form 5695 with your annual tax returns. The list of eligible services for the IRA tax credit includes:
Heat pumps and ductless mini-split heat pumps (maximum tax credit of $2,000)
High efficiency furnaces, boilers, and air conditioners (maximum tax credit of $600)
Geothermal HVAC systems (no maximum)
Insulation (materials only - maximum tax credit of $1,200)
The Inflation Reduction Act also created two new rebate programs that will offer rebates for a variety of energy efficiency home improvements. These rebates are not available yet—funds have been allocated, but each state will need to determine how they plan to implement the rebate programs. Russell’s is keeping a close eye on the development of IRA rebate programs in North Carolina and Virginia. We will provide an update as soon as more information is available.
We understand that many times, replacing a furnace or heat pump is an unexpected cost. We can help you identify financing options that make sense for your family’s needs and budget.
Russell’s offers financing programs that provide 0% interest for up to 60 months or monthly payments for a new system as low as $80 per month with no up-front money or service charges.
Rebates for energy efficient heating and cooling solutions can also reduce your costs for installing new HVAC components like heat pumps or furnaces. The experts at Russell’s Heating & Cooling can identify available incentives from Virginia and North Carolina. We will also alert you to special manufacturer rebates for energy efficient products.
*With approved credit. Speak with a Russell’s Customer Satisfaction Expert for details.
At Russell's, we pride ourselves on our technical knowledge and customer service that Hampton Roads homeowners can trust. Our team of experts can find the best heating and cooling solutions for your home’s needs—and help you stay on budget. At Russell’s, we make it easy to upgrade your home.