When Is the Best Time to Buy a Heat Pump? (2024)

By Anne Fonda

If you’re reading this, you’re likely already past the “what is a heat pump” stage. You’re realizing that heat pumps are the core of an energy-efficient and sustainable heating and cooling system. But you’re looking for ways to save, and wondering if there’s a best time to buy a heat pump.

The answer is yes, there is. Keep reading to learn more.

Before your current system fails

Truly, the best time to buy a heat pump is before your current system fails. If you have an aging, inefficient HVAC system, be proactive. Start doing your research on heat pump systems. It’s much easier to start budgeting and planning when your current system is still working.

If your air conditioner, heat pump, or furnace completely bites the dust, you may make decisions in a hurry, and not get the best heat pump system, the best deal, or the best installation.

Spring or Fall may be the best time

Early in the spring or fall may be the best time of year to buy a heat pump system and have it installed. There are a couple of reasons for this.

1. Lower demand. HVAC companies are swamped in the heat of summer and the freezing temperatures of winter. Lots and lots of HVAC repair calls and emergency installations during heat waves or a polar vortex in the winter months keep them busy. Things are a little slower in the spring and fall, and you’re more likely to get on the schedule quickly.
2. Manufacturer rebates. It’s a little-known secret that HVAC manufacturers routinely offer instant rebates on certain equipment in the spring and fall. If you’re looking to shave some dollars off of your heat pump cost, take advantage of these seasonal promotions.

When federal tax credits and rebates are available

Thanks to the Inflation Reduction Act of 2022 (IRA), qualified heat pumps are eligible for a federal heat pump tax credit of up to 30% of the heat pump install cost, or a maximum of $2,000. These tax credits are available until the year 2032. So if you don’t buy an eligible heat pump this year, you won’t lose out on the tax credit.

Utility rebates

Many local utility companies across the country are also offering rebates for energy-efficient upgrades such as buying an electric heat pump. Use the ENERGY STAR® Rebate Finder to see what heat pump rebates are available in your area. As a bonus, you might find that there are available rebates on other products you plan to buy.

City rebates

Some especially eco-conscious cities are also offering rebates if you install a qualified heat pump system. Be sure to investigate offers in your area that can help you save money.

Wait for state rebates if you will qualify

States across the country will start rolling out state-administered Home Energy Rebates in the latter part of 2024. This state rebate program is also part of the IRA effort to help Americans reduce energy consumption and make the transition to clean energy.

Under the program, states must set aside 50% of their federal funding to help moderate to low-income families make energy-efficient upgrades to their homes, including replacing their HVAC system. Use this Department of Energy (DOE) tracking website to see where your state is in the process.

If you qualify based on your income, in the Home Electrification and Appliance Rebates program, you can save up to $8,000 on an ENERGY STAR®-qualified heat pump.¹

¹ Only families making less than 150% of their area median income are potentially eligible. Individual states, territories, and Tribes can set this income cap at a lower level. In 2022, 150% of the national median income was roughly $110,000. Your area’s median income could be significantly higher or lower. Click here to look up the median income in your area.

Why buy a Trane heat pump system

Trane has been a leader in the HVAC industry since 1885. We have a reputation for innovation and sustainable solutions. Homeowners trust us - we’ve earned the Most Trusted HVAC Brand® title 10 years in a row. In addition, our XV20i Variable Speed Heat Pump won the Good Housekeeping’s Home Reno Award in 2023.

Trane heat pumps offer superior performance, energy efficiency, and sustainability. Whether you pair your heat pump with an air handler or a furnace in a dual-fuel system, our heat pump systems are built to last and provide energy savings for years to come.

If you’re replacing an older HVAC system, you should see a change in your energy bills almost immediately. We also have an ever-expanding network of more than 10,000 HVAC experts at your service.

Before investing in a heat pump system, be sure to do your homework. A good place to start is our Heat Pump Buying Guide.

Schedule a heat pump installation quote

Contact your local Trane Comfort Specialist (or more than one) to schedule a heat pump installation quote. During an on-site visit, local dealers should perform precise sizing calculations, discuss the pros and cons of various heat pumps, and discuss the other components of the heat pump system that would be best for your home.

Anne Fonda

Content Writer, Trane Technologies

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A Content Writer with Trane Technologies, Anne Fonda researches topics and writes for Trane® and associated residential HVAC brands. She works in collaboration with Trane Technologies subject matter experts, offering easy-to-understand, informative content on complex topics. Her goal is to help consumers make informed decisions on the products and services they need.

She has written for HVAC and other service provider websites for over 16 years. Before transitioning to web content writing, Anne had a 14-year stint as an award-winning journalist. She graduated cum laude from the University of Missouri-Columbia School of Journalism.

When she’s not working, Anne enjoys playing word games, reading, gardening, spending time with family, and visiting gardens and museums.