The U.S. government is paying Americans to upgrade their homes.
Thanks to the Inflation Reduction Act (IRA), you can now receive up to $14,000 in rebates after making eco-friendly changes to your home. In the 2023 tax year alone, Americans claimed more than $8 billion in credits as a result of implementing eco-friendly updates to their homes, according to reports by the Washington Post.
In an effort to invest in domestic energy production and support clean energy, the IRA offers significant rebates and tax credits to Americans who choose energy-efficient home improvements.
🗣️ Should the government be paying us to upgrade our homes?
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🔘 Depends on how much it costs 🫰
🔘 Depends on what it's for 🏡
🔘 No way 🙅
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To take advantage of this money-saving policy, there are different environmentally-friendly updates you can make.
For example, you can receive up to $1,750 after switching to an energy-efficient water heater and up to $840 after you switch to an induction stove. You can also reap the benefits of the IRA with smaller upgrades, such as replacing appliances with eco-friendly options and insulating your attic and windows.
Transitioning toward electric appliances and vehicles is one of the best ways to save money while reducing your environmental impact. Under the IRA, you can qualify for a $7,500 tax credit after purchasing an electric vehicle.
To learn more about how much you can save on varying home updates, you can use Rewiring America's free online tool. The IRA savings calculator helps homeowners review available tax incentives, find contractors, and determine the cheapest way to update their appliances.
By incentivizing Americans to upgrade their homes, the IRA is not only saving homeowners money down the line but also encouraging the use of clean energy. As more homes switch to energy-efficient appliances and renewable power sources, such as wind and solar energy, the total pollution entering the atmosphere will decrease.
"The reality is, the American people want to adopt solar panels, heat pumps and electric vehicles, and the federal Inflation Reduction Act is helping them do it," political scientist at the University of California Santa Barbara Leah Stokes told the Washington Post.
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