HVAC Wrapped: 2024 in Review

A lot happened in 2024: Manufacturer consolidation, changes to the refrigerant transition, Google updates, a billion-dollar contracting deal — and more. As the year winds down, here’s a look at some highlights, by quarter:

January – March 

• The IRS proposed a rule requiring homeowners to include a PIN for new HVAC equipment on their tax return when claiming the 25C tax credit. (It went through and goes into effect on January 1, 2025.) 
• Johnson Controls announced its plan to sell its residential and light commercial HVAC businesses, including York, which Bosch agreed to pick up for a cool $8 billion in July. 

April – June

• Bryant launched a partnership with Walmart, enabling customers to explore equipment on Walmart’s website and connect with local dealers. 
• The Labor Department proposed raising salary thresholds to extend overtime pay eligibility to one million additional employees — a move later struck down, in November.

July – September

• Google rolled out Local Services Ads on Maps and migrated review collection into Business Profiles. 
• The EPA scrapped a previous requirement for all refrigerant cylinders to be tracked with QR codes starting in 2025. 
• It became public that Sila Services went up for sale — and Goldman Sachs later agreed to acquire a majority stake, valuing the company at roughly $1.7 billion.  

October – December

• A Department of Energy rule effectively banning the sale of non-condensing natural gas furnaces was challenged in court, and a decision is pending. 
• Apex Service Partners acquired a technology company for an undisclosed sum. 
• ServiceTitan went public, popping 42 percent and closing its first trading day as a $9 billion company.

What else happened: HVAC shipments rebounded from a tough 2023, a plethora of industry vets and contractors talked shop with us, and OEMs geared up for the changeover in equipment production. 

What’s next: The A2L transition is moving along, consolidation up and down the industry shows no signs of slowing, technology is advancing, and a new administration is preparing to take office in D.C.