How Landlords Can Get Incentives For Home Upgrades
Explore the benefits of the newly enacted Inflation Reduction Act, which encourages landlords to make vital energy-efficient enhancements like electric heat pump installations for their rental properties. As a landlord, you could qualify for up to $14,000 in appliance upgrades when you switch from gas to electric!
At MyNewHeatPump.com, we’re dedicated to being your partner in elevating your rental properties and taking advantage of government-backed incentives. Let us help to enhance your property’s value, reduce utility costs, and create a sustainable and comfortable living environment for your tenants. We take pride in making a complicated government rebate system simple—so you can focus on growing your business and taking care of your properties.
What Appliances Are Eligible To Upgrade?
The IRA provides rebates for many appliance upgrades that enhance your rental’s efficiency. By installing a heat pump, you can elevate comfort and reduce energy costs.
Does My Rental Property Qualify?
To qualify, the rental property must adhere to “low-income” standards, which are determined by the household income of the tenants, rather than the landlord. The household income must fall below 80% of the local average, or one of the occupants must be enrolled in designated automatic qualification programs such as Medicaid, SSI, Free School Lunch, etc. Evaluate your rental property’s eligibility by completing our brief questionnaire.
Additionally, the replacement appliance must not substitute an existing electric appliance of the same type. For instance, if your residence currently employs a heat pump for heating and cooling, it does not meet the criteria for a new heat pump under this program. However, your home is eligible for a new electric heat pump if it is replacing a gas furnace or another non-electric appliance.
Landlord FAQs
The appliance program is launching individually across all states, and the schedule depends on your specific state. Once you qualify through our questionnaire, MyNewHeatPump.com will regularly update you on the status and timing of your appliance upgrades!
No, landlords are restricted from changing rent due to the home upgrades. The IRA’s Landlord Agreement mandates that, for 2 years following the installation of appliance upgrades, landlords must refrain from increasing rent or evicting tenants because of the new appliances.Landlords must also commit to renting the home to a low-income tenant for the next two years.
No upfront costs are required for the rebates, but may be required for project costs in excess of the available rebates. For projects with costs in excess of the rebates, we will work with you to identify additional incentives to lower any out-of-pocket costs. The program is designed to provide landlords with a cost-effective solution to enhance their rental properties. MyNewHeatPump.com connects landlords with skilled contractors for the installation, guaranteeing a smooth process with minimal financial burden upfront.
Ready to upgrade your rental property?
Transform your rental space with MyNewHeatPump.com, as we make energy-efficient upgrades easily accessible. By upgrading your rental homes, you not only save money but also enhance your property’s value and your tenants’ quality of life.
Start Your Home Improvement Today
Enhance the value of your rental home with MyNewHeatPump.com. Elevate tenant satisfaction, reduce utility costs, and boost the appeal of your property. Start your journey toward a more sustainable and comfortable rental space now!