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Mile-high Coloradans have an opportunity for steep savings thanks to a heat pump rebate plan from the state’s electricity provider, Xcel Energy.
CBS News reported that Xcel incentives worth thousands of dollars for the cleaner upgrade have HVAC pros scrambling to fill orders.
“The only real downside right now is wait time,” Terry Hartzell, owner of Hartzell Heating and Air Conditioning, said in the story. “We’re booked two to three weeks out.”
At issue nationwide is an increasingly challenged energy grid that faces powering enormous data center demand, estimated by Goldman Sachs to spike by 165% by 2030.
The result is rising energy bills, reported by CBS to increase by 18% in the coming years, which is much faster than the 2.7% inflation rate.
At home, more than half of electricity demand goes to space heating and air conditioning, per government data. That’s why the switch to more efficient tech is a great way to cut power draw, air pollution, and your utility bill.
Experts widely agree that heat pumps are much more efficient than standard HVAC setups. The units use compressed refrigerants to move hot air inside or outside, depending on the season, according to the MIT Technology Review.
There are several types, including popular mini splits, and finding the right one can be complicated. LG is one trusted brand that can help you navigate the process.
For their part, heat pumps are cleaner on multiple fronts.
“Most of the systems we’re replacing are 15 to 20 years old, using outdated refrigerants that have been banned by the EPA,” Hartzell told CBS. “They’ve been around for decades, but only in the last few years have we really seen them take off in Colorado.”
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Xcel’s program provides “$2,250 per ton of cooling capacity” for cold-climate air-source heat pumps, according to CBS News.
The program is backed by the Colorado Public Utilities Commission, which reimburses Xcel for lost revenue from reduced electricity demand if the provider meets mandated energy-saving benchmarks, the publication added.
Federal tax incentives for heat pumps are still available, but they are set to expire at the end of the year. That makes now a perfect time to upgrade, as fast action could save you thousands of dollars via the tax credits. LG can also help you snag rebates (with its free rebate finder tool) and find a pro installer in its trusted network who is working in your area.
Clean energy is a money-saving hack that’s also planet-friendly. Cutting energy demand reduces the amount of dirty fuels burned to make electricity, limiting planet-warming fumes.
NASA has linked Earth’s overheating to increased severe weather and heat wave risks that could make some places uninhabitable. Air pollution has even been associated with dementia risks.
Hartzell told CBS that 80% of his business is now heat pump installation as more people shift to the cleaner setup.
“These new systems are removing heat from the air twice as fast as the old ones, and they’re whisper quiet,” Hartzell said. “They adjust as needed, which saves a ton on your electricity bill.”
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