2024 Tax Credits For Heat Pump Replacement Cost. If you install a heat pump between jan 1, 2023, and dec 31, 2032, you can earn valuable tax credits. If you install an efficient heat pump, you are eligible for a federal tax credit that will cover 30% up to $2,000.
30% of your project costs, up to $2,000, with an additional $600 tax credit for electric panel. This can be paired with an additional $1,200 in credits for more projects in the tax year.