US Heat Pump, Homeowner Survey Reveals Attitudes on Sustainable Home Upgrades

According to a survey of U.S. homeowners conducted by Mitsubishi Electric Trane HVAC US, 63% of American homeowners have heard of the Inflation Reduction Act and 54% ranked government incentive (such as a tax credit or rebate) as one of the top three reasons to consider installing a heat pump.

These findings, among others, were uncovered by the METUS 2023 Heat Pumps & Homeowners Index. The survey explored American homeowners’ attitudes toward the IRA and sustainable home upgrades, specifically regarding heat pumps.

Most (83%) survey respondents were concerned about the impact of energy bills on household budgets. Further, 46% responded the cost to cool their homes last summer rose “somewhat” or “much more” than the summer before, and 54% said it cost “somewhat more” or “much more” to heat their home this winter, compared to last winter. Similarly, 49% ranked “reduce energy bills” as one of the top three reasons to consider installing a heat pump.

According to the survey, 24% of respondents stated their home is equipped with a heat pump and 69% would consider installing a heat pump. While 28% of homeowners say a concern preventing them from considering a heat pump is the installation cost, 54% of all survey respondents ranked government incentive (such as a tax credit or rebate) as one of the top three reasons why they would consider installing a heat pump. “Reduce Energy Bills” and “Improve Air Quality in My Home” also were ranked among the top three reasons by 49% and 36% of survey respondents, respectively.

The survey also found more homeowners would be interested in tax credits for installing a heat pump or high-efficiency electric heating, ventilation air conditioning and/or water heating, than interested in installing solar panels or purchasing a new or used electric vehicle. This benefit is even more appealing for Millennials (born between 1980 and 1993) as 65% cited, among other listed options under the IRA, that tax credits for installing high-efficiency electric heating, ventilation, air conditioning and/or water heating would be of interest to them.

For more information, visit metahvac.com.