At Mitsubishi Electric Trane HVAC US (METUS), we’re fortunate to be part of an industry experiencing relatively consistent growth. Our business continues to recognize growth in both new construction and retrofits as we see a nationwide shift toward strategic electrification and decarbonization. Decarbonization will not happen without a significant reduction in use of fossil fuels, so our innovative, all-electric heat pumps are increasingly attractive to contractors, builders and homeowners looking to reduce their carbon footprints.
While most of the country is experiencing growth in new construction and retrofits, we see a significant growth opportunity in the Northeast and in regions committed to strategic electrification and decarbonization. Cities like New York, NY, Washington, DC, Boulder, CO and Burlington, VT, for example, participate in the Carbon Neutral Cities Alliance, which aims to cut greenhouse emissions by 80% or more by 2050. The 19% growth in LEED-certified homes since 2017 is another favorable trend. The growing adoption of high-performance heat pumps, like ours with Hyper-Heating INVERTER® technology, is enabling cold markets like Minnesota to transition away from fossil fuel burning heating systems.
How can contractors best approach these markets? Many of the contractors who participate in our Mitsubishi Electric Trane HVAC US Diamond Contractor Programs are starting to differentiate their businesses by educating homeowners and builders on strategic electrification and decarbonization by using all-electric heat pumps.
One of our Elite Diamond Contractors, Jeff Wagner, owner of Jansen Heating, Air Conditioning and Electrical in Freeport, IL, recently shared that utility companies in his area used to give financial breaks for homeowners who used electric heating and cooling equipment. He notes, however, “most of those incentives have been taken away, so it’s our job to educate customers on the benefits of using electric products. They can save enormous amounts of money even while heating their homes in our cold winters.”
We continue to invest in our people to support and lead these initiatives. We're also incredibly pleased to support contractors within our programs as they embrace the opportunity to provide energy-efficient electric heat pumps as their primary solution for their customers. That’s the same type of forward-thinking we embrace at the corporate level. Our goal is to serve as thought leaders and work diligently to be ahead of the curve. We’re addressing the changing market demands and the emphasis on sustainability while preserving the planet for future generations.