tax incentives – The Greener Electron https://thegreenerelectron.com Helping You Save Money and the Planet with Green Energy Tips and Tricks Tue, 22 Aug 2023 01:51:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/thegreenerelectron.com/wp-content/uploads/2023/07/cropped-Logo-0-Transparent.png?fit=32%2C32&ssl=1 tax incentives – The Greener Electron https://thegreenerelectron.com 32 32 230904070 Home Air Conditioning: How to Stay Cool and Save Money https://thegreenerelectron.com/2023/08/22/home-air-conditioning-2023/?utm_source=rss&utm_medium=rss&utm_campaign=home-air-conditioning-2023 https://thegreenerelectron.com/2023/08/22/home-air-conditioning-2023/#respond Tue, 22 Aug 2023 01:51:57 +0000 https://thegreenerelectron.com/?p=130 Learn about the benefits and drawbacks of different types of home air conditioners, how to choose the best model for your needs, and how to take advantage of tax incentives to reduce your costs.

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Home Air Conditioning: How to Stay Cool and Save Money
A ductless mini split air conditioner

Home air conditioning is a necessity for many people, especially during the hot summer months. But did you know that air conditioning also contributes to climate change, which makes the summers even hotter and longer? How can you balance your comfort and your environmental impact when it comes to cooling your home? In this blog post, we will explore the following topics:

  • How air conditioning affects climate change and vice versa
  • The different types of home air conditioners and their pros and cons
  • The best air conditioner models for 2022 and 2023 based on expert reviews
  • The tax incentives available for buying and installing energy-efficient air conditioners

By the end of this post, you will have a better understanding of how to choose and use home air conditioning wisely and responsibly.

How Air Conditioning Affects Climate Change and Vice Versa

Air conditioning is a double-edged sword when it comes to climate change. On one hand, it helps us cope with the rising temperatures and extreme heat waves that are becoming more frequent and severe due to global warming. According to the World Health Organization (WHO), heat stress is responsible for more than 160,000 deaths per year worldwide1. Air conditioning can prevent heat-related illnesses and deaths, as well as improve productivity, comfort, and quality of life.

On the other hand, air conditioning also contributes to climate change by increasing the demand for electricity, which is often generated from fossil fuels that emit greenhouse gases. According to the International Energy Agency (IEA), air conditioners account for about 10% of global electricity consumption2. Moreover, some air conditioners use refrigerants that are potent greenhouse gases themselves, such as hydrofluorocarbons (HFCs). If left unchecked, the growing use of air conditioning could offset the efforts to reduce greenhouse gas emissions and mitigate climate change.

Therefore, it is important to find ways to reduce the environmental impact of air conditioning while still enjoying its benefits. Some of the solutions include:

  • Improving the energy efficiency of air conditioners by using better technology and design
  • Replacing or phasing out HFCs with alternative refrigerants that have lower global warming potential
  • Adopting passive cooling strategies such as shading, insulation, ventilation, and natural materials
  • Using renewable energy sources such as solar or wind power to run air conditioners
  • Raising awareness and changing behavior to optimize the use of air conditioners

The Different Types of Home Air Conditioners and Their Pros and Cons

There are various types of home air conditioners, each with its own advantages and disadvantages. Here are some of the most common ones:

  • Central air conditioners: These are systems that cool the entire home by distributing cold air through ducts and vents. They are usually controlled by a thermostat and can be integrated with smart home devices. They are ideal for large spaces that need uniform cooling. However, they are also expensive to buy and install, require regular maintenance, and may lose some energy through duct leaks.
  • Window air conditioners: These are units that fit in a window opening and cool a single room or area. They are easy to install and remove, relatively affordable, and efficient for small spaces. However, they are also noisy, block natural light and views, reduce security, and may not fit in some windows.
  • Portable air conditioners: These are units that can be moved from room to room on wheels. They have a hose that vents hot air outside through a window or a wall. They are convenient, flexible, and suitable for spaces where window or wall units are not allowed or feasible. However, they are also bulky, heavy, noisy, less efficient than window units, and require manual draining of condensate water.
  • Ductless mini-split air conditioners: These are systems that consist of an outdoor compressor unit and one or more indoor evaporator units that are connected by pipes. They can cool different zones independently without using ducts. They are quiet, efficient, and customizable. However, they are also costly to buy and install, require professional installation, and may affect the aesthetics of your home.

The Best Air Conditioner Models for 2022 and 2023 Based on Expert Reviews

If you are looking for a new air conditioner for your home, you may want to consider some of the top models that have been rated highly by experts and consumers. Here are some of the best air conditioner models for 2022 and 2023 based on various sources345:

  • Best central air conditioner overall: Lennox SL28XCV. This model has a SEER rating of 28, which is one of the highest in the market. It is also ENERGY STAR certified, solar-ready, and compatible with smart thermostats. It comes with a 10-year limited warranty on covered components. It costs around $4,000 to $10,000 depending on the size and installation.
  • Best central air conditioner for value: Goodman GSXC18. This model has a SEER rating of 18, which is above the minimum requirement of 14. It is also ENERGY STAR certified and has a lifetime compressor warranty and a 10-year parts warranty. It costs around $3,200 to $6,000 depending on the size and installation.
  • Best window air conditioner overall: LG LW1217ERSM. This model has a cooling capacity of 12,000 BTU, which can cool a room of up to 550 square feet. It is also ENERGY STAR certified and has a smart Wi-Fi feature that allows you to control it remotely with your smartphone or voice assistant. It has a noise level of 52 dB and an energy efficiency ratio (EER) of 12.1. It costs around $400 to $500.
  • Best window air conditioner for small rooms: Frigidaire FFRE053WAE. This model has a cooling capacity of 5,000 BTU, which can cool a room of up to 150 square feet. It is also ENERGY STAR certified and has an EER of 12.2. It has a noise level of 51 dB and a remote control. It costs around $200 to $300.
  • Best portable air conditioner overall: Whynter ARC-1230WN. This model has a cooling capacity of 12,000 BTU, which can cool a room of up to 400 square feet. It is also dual-hose, which means it has two hoses that vent hot air outside, making it more efficient than single-hose models. It has an EER of 11 and a self-evaporative system that reduces the need for draining water. It costs around $500 to $600.
  • Best portable air conditioner for budget: Serene Life SLPAC10. This model has a cooling capacity of 10,000 BTU, which can cool a room of up to 300 square feet. It is also single-hose, which means it has one hose that vents hot air outside, making it less efficient than dual-hose models. It has an EER of 8.9 and a manual water drain system that requires emptying the water tank periodically. It costs around $300 to $400.
  • Best ductless mini-split air conditioner overall: Mitsubishi MSZ-FH15NA/MUZ-FH15NAH. This model has a cooling capacity of 15,000 BTU, which can cool a room of up to 600 square feet. It is also ENERGY STAR certified and has a SEER rating of 26.1. It has a variable-speed compressor that adjusts the output according to the demand, making it more efficient and quiet than fixed-speed models. It comes with a wireless remote control and an optional Wi-Fi adapter for smart control. It costs around $2,500 to $4,000 depending on the size and installation.
  • Best ductless mini-split air conditioner for value: Pioneer WYS012AMFI19RL-16. This model has a cooling capacity of 12,000 BTU, which can cool a room of up to 500 square feet. It is also ENERGY STAR certified and has a SEER rating of 19.5. It has a fixed-speed compressor that runs at full power when turned on, making it less efficient and quiet than variable-speed models. It comes with a wireless remote control and an optional Wi-Fi adapter for smart control. It costs around $1,500 to $3,000 depending on the size and installation.

The Tax Incentives Available for Buying and Installing Energy-Efficient Air Conditioners

If you are planning to buy and install an energy-efficient air conditioner for your home, you may be eligible for some tax incentives that can help you reduce your costs. The federal Inflation Reduction Act, passed in 2022, expanded and extended the tax credits available for energy-efficient home improvements, including HVAC system components6. An array of ENERGY STAR certified equipment is eligible for the tax credits, including:

  • Air-source heat pumps
  • Biomass fuel stoves
  • Boilers
  • Central air conditioners

The tax credit is effective for products purchased and installed between January 1, 2023, and December 31, 2032. You can claim:

  • 30% of project cost
  • $600 maximum amount credited for central air conditioners

There are also annual limits on the total amount of credit you can claim for any combination of eligible products, as well as specific limits for certain types of products. The overall total limit for an efficiency tax credit is $5,000 per taxpayer. The specific limits for certain types of products are:

  • $300 for air-source heat pumps
  • $300 for biomass fuel stoves
  • $150 for boilers
  • $50 for advanced main air circulating fans

To claim the tax credit, you will need to file Form 5695 with your federal income tax return. You will also need to keep a copy of the manufacturer’s certification statement and your receipt or invoice as proof of purchase and installation. irs.gov.

The tax credit is nonrefundable, which means it can only reduce your tax liability to zero. If your credit amount exceeds your tax liability, you cannot carry over the excess to future years. However, you can claim the credit in the same year as other tax credits, such as the residential renewable energy tax credit or the electric vehicle tax credit.

The tax credit is not available for rental properties or second homes. It is only available for your main home where you live most of the time. The home must be located in the United States and be an existing home, not a new construction.

For more information on the tax credits for energy-efficient home improvements, visit the IRS website or consult a tax professional.

By taking advantage of the tax incentives available for buying and installing energy-efficient air conditioners, you can not only save money on your cooling bills, but also reduce your carbon footprint and help fight climate change. It’s a win-win situation for you and the planet!

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