Mid-2024 HVAC Rebate Trends Update

We are supplementing our annual Rebate Trends analysis and webinar with a mid year look at changes in Commercial HVAC programs. This analysis cover changes in major programs from mid-March 2024 to July 31, 2024. 

The general trend intensifies!! Increases in HVAC rebates continue to outpace decreases.  We continue to see strong support for HVAC rebates in the business sector.  The increases in the mid-year's analysis are primarily affecting Heat Pumps more than traditional Air-Conditioning.

Downstream/Prescriptive rebate programs (utility customer files the rebate application)

• Southeast Colorado Power Assn- Huge Increases for Heat Pumps
• Otter Tail Power - Huge Increases for Heat Pumps
• Duke Energy Carolinas- Big Increases for Heat Pumps and Air-Conditioners
• Duke Energy Indiana - Big Increases for Heat Pumps and Air-Conditioners
• Baltimore Gas & Electric - Increases for Heat Pumps, Air-Conditioners and VRF
• Hawaii Electric- Increases to Heat Pumps and Air-Conditioners
• Austin Energy - Increases to Air-Conditioners and PTACs
• PSE&G(NJ)- Increases for Heat Pumps and Air-Conditioners
• Snohomish - Slight decreases to Traditional and Mini-Split Heat Pumps

Midstream/Instant rebate programs (rebate is offered at the point of sale by a distributor)

• Energize CT- Increases in Heat Pumps, including Mini-Splits
• Mass Save- Increases in Air-Conditioners
• Dominion(VA) - Small decrease in Unitary Heat Pumps
• Ameren(IL) - Decrease in Heat Pump and Air Conditioners

Overall the highest increases topped out at over 300%! The worst decreases were at -39%.

The next batch of program changes usually occur in October, around the end of the US Federal fiscal year.  We will provide an update if there are significant changes.