Incentives To Improve Your Rental's Energy Efficiency

As a rental property owner, balancing expenses is always challenging, and energy efficiency upgrades might not always top your priorities list. However, investing in such improvements can be a significant draw for potential tenants, particularly when they are responsible for utility bills. If utilities are included in the rent, these energy-efficient upgrades can lead to substantial cost savings for you.

To make the most of these benefits, it's worth exploring the various incentives available for rental property owners, especially in the realm of HVAC systems and other energy-saving improvements. Here are some key areas where you can find incentives:

• Heat Pump HVAC Incentives
• Insulation Incentives
• Electric Appliances
• Heat Pump Dryers
• General Weatherization

Many of these improvements are likely to be necessary over time due to wear and tear. Therefore, taking advantage of available incentives helps offset the costs of these upgrades and enhances the appeal and value of your rental properties. By focusing on energy efficiency, you can achieve a win-win situation: lower operational costs for you and a more attractive, cost-effective living space for your tenants.

Trust the NATE-certified technicians at Four Seasons Heating & Air Conditioning to get you the right unit for your needs. We'll handle your heat pump installation quickly and efficiently, and you can have peace of mind knowing our work is backed by strong labor protections, including our 100% satisfaction guarantee.

For those considering upgrading to a heat pump HVAC system, attractive incentives are available. If you're replacing an existing electric heating system with a ductless heat pump as the primary heat source in a home's living area, you may be eligible for incentives of up to $1,800 per dwelling. To qualify for this incentive, the heat pump must have a Heating Seasonal Performance Factor (HSPF2) of at least 8.55, and an approved contractor must carry out the installation. Additionally, if you're replacing an electric forced-air furnace with a ducted heat pump, there's a potential incentive of up to $3,000. For this, the heat pump should have a minimum HSPF2 of 7.5. However, it's important to note that this incentive cannot be combined with other incentives related to heat pumps, thermostats, or heat pump controls.

Attic and floor insulation offers incentives for installation in rental single-family homes or manufactured homes. For the attic, existing conditions must be R-18 or less initially. Single-family homes must be insulated to R-38 or fill the cavity, while manufactured homes must reach R-30 or fill the cavity. Both offer an incentive of $1.50 per square foot.

For floors, existing insulation must be no more than R-11. Single-family homes require new insulation to R-30, and manufactured homes require R-22 or to fill the cavity. This incentive caps at $0.75 per square foot.

Manufactured homes do not qualify for wall insulation incentives. This incentive offers $0.75 per square foot for single-family homes and has different requirements for exterior walls, knee walls, and rim joists regarding eligible initial R-values and improvement criteria.

The 2022 Inflation Reduction Act incentivizes rental property owners to replace stoves, cooktops, ranges, or ovens with a high-efficiency electric model. These incentives are anticipated to be available in mid-2024 through the implementation of the Home Electrification and Appliance Rebate program. Eligibility is income-based, and the rebates will be provided through a point-of-sale model to help reduce the purchase price of the appliance and allow those savings to be used for installation and any associated necessary electrical upgrades. The electrical upgrades needed, whether a new breaker box or improved wiring, can be covered by up to 30% of the project total with a maximum of $600.

Eligibility has not yet been determined for Oregon households, but heat pump dryer incentives are expected to appear in mid-2024. Rebates are offered to those who meet the household eligibility criteria and could cover up to 100% of the purchase and installation costs of a heat pump clothes dryer in your rental home.

If you're interested in weatherizing your rental homes, insulation improvements aren't the only incentives offered. If you schedule and pay for a home energy audit, you could receive a rebate of up to $150 to lower your financial obligation. You can also replace up to two external facing doors annually and receive 30% of the project expense back with a cap of $250 per door. A window replacing project could also be eligible for an incentive that returns 30% of the project's cost to you with a maximum of $600.

If you're looking for a top-notch furnace installation or heat pump installation, Four Seasons Heating & Air Conditioning offers fair and honest pricing without hidden fees or charges. We've been serving local homeowners since 1979 and have hundreds of 5-star reviews from satisfied customers. Schedule a free estimate today and see for yourself the Four Seasons difference!