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The HVAC & Products Program Is Changing.

The Indiana HVAC & Energy-savings Products program is changing. Effective June 15, 2022, HVAC rebates will only be available through a new Midstream program that provides HVAC discounts and incentives through distributors and contractors. Talk to your HVAC contractor about buying your equipment from a participating distributor. We would like to thank you for your support.

Buy Smart at Home and Get Cash-back Rebates

Simple upgrades to your home can help you save energy, increase your comfort and protect the environment. Take advantage of cash-back rebates on high-quality, energy-saving products so you can save in more ways than one. The Product Rebate Overview Flyer provides an overview of all the rebates.

Depending on the product, the HVAC and energy-saving products can help you save a little or a lot. If your furnace is more than 20 years old, replacing it with a new high-efficiency unit could cut your heating bills by up to 50%. Every little bit helps your wallet and the environment. 

In 2020, you saved over 3 million kWh in energy—enough to power about 254 typical homes for an entire year! That’s equal to reducing the emissions from a car driving 5,421,851 miles a year.*

Submit Rebate Now

1. Purchase your product at your local store, online or through your local contractor.
2. Install at home.
3. Submit your rebate application online within 60 days of product purchase.

HVAC Double Rebates
HVAC Double Rebates

Qualifying Products

Purchase any of these qualifying products at your local store, online or through your local contractor.


A Wi-Fi smart thermostat allows you to control your home’s temperature from anywhere, anytime. A smart thermostat learns your schedule to customize a home energy plan so you can save more on energy.

To get an instant rebate, purchase your new thermostat from the I&M Marketplace or purchase locally and apply for a rebate.

Water Heater

Water heaters are the second highest source of energy usage in the home. High-efficiency electric water heaters and heat pump water heaters are easy choices for energy savings, performance and reliability. A high-efficiency electric water heater can save a family of four over $3,400 in energy costs over its lifetime compared to a standard model.

Pool Pump

An energy-saving pool pump uses about 70% less energy than a standard pool pump. With a new pool pump you can save about $200 each season.


An efficient dehumidifier uses 30% percent less energy than standard models. With a new dehumidifier you could save $200 over the life of the unit while avoiding more than 2,800 pounds of greenhouse gas emissions.

Air Source Heat Pump

A heat pump can heat, cool and dehumidify your home. It can also cut your heating cost up to 50% and your cooling cost by about 25% compared to electric furnace, baseboard or ceiling heat. Newer technology makes a heat pump a smart energy-saving option—even in cold climates.

Ductless Heat Pump / Mini Split

Go ductless and save up to 60% on your heating cost plus get air conditioning! A ductless heat pump or mini split is perfect for homes with electric baseboards, ceiling heat or an electric furnace. It’s ultra-quiet and provides maximum year-round comfort and control while lowering your heating and cooling costs by 30% to 60%!

ECM Furnace Fan Motor

Furnace fans are among any home’s biggest energy users. Traditional furnace motors operate at a constant speed. An ECM (electronically commutated motor) is more efficient with speed and torque controls built in. This allows the motor to adjust its speed to ensure optimal air flow and uses up to 30% less energy.

Rebate Chart

HVAC ProductsIndiana Customer Rebate
Air Source Heat Pump – Traditional Ducted Systems
SEER 16 / HSPF => 8.7$100/Ton
SEER 17 / HSPF => 9.2$110/Ton
SEER 18 thru 20$150/Ton
SEER 21 and above$200/Ton
Ductless Heat Pump / Mini Split Replacement
SEER 17 / HSPF => 9.5$80/Ton
SEER 19 / HSPF => 9.5$110/Ton
SEER 21 / HSPF => 10$135/Ton
SEER 23 / HSPF => 10$150/Ton
SEER 17 / HSPF => 9.5$200/Ton
SEER 19 / HSPF => 9.5$230/Ton
SEER 21 / HSPF => 10$270/Ton
SEER 23 / HSPF => 10$285/Ton
Geothermal Heat Pump
Closed-loop – Must displace air source heat pumpTon
EER 19.6 / 3.5 COP$120/Ton
EER 21.07 / 3.8 COP$160/Ton
EER 23.5 / 4.2 COP$200/Ton
EER 29.9 / 4.2 COP$240/Ton
Packaged Terminal Heat Pump (PTHP)—Variable Speed
SEER 17 / HSPF 11.9 (EER 15.3 / 3.5 COP) – COP Upgrade from PTAC SEER 10.5 Electric Resistance Heat$250
SEER 17 / HSPF 11.9 (EER 15.3 / 3.5 COP) – COP Upgrade from PTHP Min. Replacement SEER 10.5 / 7.7 HSPF$100
ECM Furnace Fan Motor – Existing furnace retrofit motor only. No new furnaces.
ECM Furnace Fan Motor$100
Wi-Fi / Smart Thermostat - To get an instant rebate, purchase your new thermostat from the I&M Marketplace. Or purchase locally and apply for a rebate.
Wi-Fi Thermostat – Central AC$50 Heat Pump

$75 Electric Furnace
Smart Thermostat – Central AC$75 Heat Pump

$100 Electric Furnace
Home Energy ProductsIndiana Customer Rebate
Water Heater
Heat Pump – Energy Star – UEF >=2.15, Single/Multi-family, 50 Gallon$350
Electric High Efficiency UEF >= 0.92$50
Pool Pump — Variable Speed
1.5 HP$125
2 HP$200
Dehumidifier – Energy Star$25

Find a Contractor

      2020 – 2021 Participating Contractors. These contractors are not affiliated with I&M. I&M does not make any promise, warranty or representation regarding work performed by the contractors. Please contact several contractors to compare prices and available equipment.

      Contact Us

      Please email us or call 855-231-5274.



      What are the rules / qualifications?


      • Must be an I&M residential customer.
      • Equipment must be new and meet the specifications listed in the rebate application.
      • The rebate cannot exceed the cost of equipment, excluding installation cost.


      Are there deadlines to submit my rebate?


      • Products must be purchased and installed by December 11, 2022.
      • Rebate application must be received within 60 days of product purchase and installation.
      • Rebate application must be received by December 11, 2022. Applications after this date will be processed at 2023 rebate levels.


      What do I need for proof of purchase?


      A dated sales receipt is required as proof of purchase. It must include:

      • Retailer or contractor name, address and phone number
      • IItemized listing of product(s)
      • Model number(s) or other identifying information
      • Purchase price
      • Proof it is paid in full
      • Receipt information must match the product information on the rebate application

      In addition, HVAC rebates require:

      • Contractor’s invoice marked paid in full or showing zero balance
      • A copy of the product’s AHRI or manufacturer specification sheet indicating product efficiency. Product efficiency can be found on the AHRI Database.


      Are there quantity limits?


      Yes. Some items have quantity limits. Please see chart for details.


      What is the HVAC Program Quality Assurance?


      All HVAC equipment rebate applications are subject to a random quality assurance inspection. This is an onsite inspection to verify equipment installation. You do not need to be home for the inspection unless the equipment is inside your home.


      Can I get a rebate on more than one product?


      Yes. To speed up processing, submit all eligible equipment on one rebate application.


      When will I get my rebate? Where is my rebate check mailed?


      Please allow 4-6 weeks for your rebate check to arrive. It will be mailed to the account holder at the mailing address on record with I&M.


      Whom do I contact with questions?


      Please email us or call 855-231-5274.


      Can I mail in the rebate application?


      Rebate applications are only being accepted online.

      Tip of the Day

      TIP #20
      Air Conditioning
      If using an air conditioner, close outside doors, and windows.
      See All Tips

      Explore More Ways to Save

      I&M Electric Ideas Rebates

      I&M’s rebate programs are focused on home energy savings that make it easier than ever to save money and help the environment.

      Discover all rebate options available for your home.

      *Data as of 2020. Prior year data updated annually in June. Rebates and participation in 2020, were impacted by COVID-related program changes. Annual energy savings based on 12,000 kWh use per year. Estimated emissions reduction calculations are made using Greenhouse Equivalencies Calculator and gross verified kWh savings by program in 2020.

      Product offerings and rebates are subject to change without notice. See the specific rebate application for Terms & Conditions.