These home improvements will save you a ton of money, and the government will pay you to make them.
The scoop
The Inflation Reduction Act of 2022, or the IRA, is a law that aims to reduce inflation, lower drug prices, and invest in green energy.
Among a ton of other benefits, the act includes credits and rebates so you can make eco-friendly upgrades to your home (and even your car).
One fascinating upgrade that's partially covered by the IRA is a geothermal heat system, which "uses the constant temperature of the upper 10 feet (3 meters) of the Earth's surface to heat a home in the winter, while extracting heat from the building and transferring it back to the relatively cooler ground in the summer," according to National Geographic.
How it's working
Normally, installing a geothermal heat system can be costly — Forbes estimates the price to fall within $17,000 to $32,000. The IRA offers 30% off your geothermal project cost, so you'll save up to $9,600.
Green energy home upgrades, such as weatherizing your house, can save you hundreds of dollars on your energy bill. Rewiring America covers all sorts of upgrades and their financial benefits in their guide to the Inflation Reduction Act.
Even simple upgrades, such as swapping to LED light bulbs or an energy-efficient washer and dryer, can make a huge difference to your bills and your life.
Want to save on home upgrades but aren't sure where to start? Rewiring America is here to help. The nonprofit has a free incentive calculator to show just how much you'll save on various home upgrades under the IRA.
What people are saying
The IRA is making progress, and any progress is good progress.
🗣️ Do you think home heating costs are higher than they should be?
🔘 Definitely 👍
🔘 Depends on the season ☃️
🔘 Depends where you live 🗺️
🔘 No 👎
🗳️ Click your choice to see results and speak your mind
California Senator Alex Padilla called the IRA "the largest investment in history to combat the climate crisis."
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