Have you ever thought about modernizing your home? Now, you can do it and have the government help cover the cost.
The scoop
In 2022, the government passed a new law called the Inflation Reduction Act. This law did many things to help combat the overheating of the planet. One way it did this was by allowing homeowners to get rebates and save on energy bills for those who replaced their appliances with greener technology.
Some of these new technologies include solar panels, heat pumps, or energy-efficient windows. They are limitless because the money you get back depends on the money you put in. Each technology you install has its own percentage rebate associated with it. It's a great way to take action on climate change while also benefiting from long-term savings.
🗣️ Should the government be paying us to upgrade our homes?
🔘 Definitely 💰
🔘 Depends on how much it costs 🫰
🔘 Depends on what it's for 🏡
🔘 No way 🙅
🗳️ Click your choice to see results and speak your mind
How it's working
The law incentivizes homeowners to start using more eco-friendly technology in their homes. This not only benefits the environment, but it also benefits homeowners.
Solar panels, for instance, harness the sun's energy to generate electricity, which can drastically reduce a household's reliance on polluting energy sources like coal and gas. This switch not only cuts down on harmful air pollution but also offers substantial savings on energy bills. In fact, solar panels can save homeowners tens of thousands of dollars over their lifespan, while also increasing property values.
For homeowners interested in the new government program, Rewiring America is making it easier to take advantage of these savings. The nonprofit's website offers an "IRA Savings Calculator" that breaks down how much you can save on green upgrades, along with step-by-step instructions on how to claim your rebate. It's a simple way to see how much you could pocket while making your home more energy efficient.
What people are saying
Experts are excited about this new program for the multitude of benefits it can bring. An environmental journalist Bill McKibben not only supports the use of newer, green technology, but he also is encouraging people to use the new government program.
"The good news is that these technologies are better than the ones that they replace. Your magnetic induction cooktop is better than the gas flame that you cook on, cheaper, and it doesn't give your kids asthma," McKibben said in a press briefing. "The heat pump is an elegant replacement for the furnace and cheaper to use in the long run."
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