At first, rewiring your home might sound like an expensive hassle or ordeal.
But it's actually one of the smartest things you can do to save money on long-term electricity costs and keep your utility bills down.
Better yet, the federal government is offering big incentives through the Inflation Reduction Act to make it even more affordable. The IRA offers various rebates and tax credits to improve home energy efficiency through actions like weatherization and electrification.
One of these Home Electrification and Appliance rebates is up to $2,500 for electrical wiring, according to the U.S. Department of Energy, which is good to know if you are frustrated with the high cost of your electricity bills.
That said, these benefits may not be available forever. President-elect Donald Trump has made it clear he plans to eliminate large portions of the IRA, saying he "will rescind all unspent funds under the misnamed Inflation Reduction Act." So taking advantage of the savings before it's too late could mean thousands.
Even without the IRA savings, the benefits of upgrading make a ton of sense.
Running conventional electric home heaters, water heaters, and air conditioners can cost you up to $1.50 every hour, according to Reliable Power Systems.
Since the outdated systems are pulling significant amounts of power from the grid (which mostly uses dirty fuels in the U.S.), they account for more planet-warming pollution compared to more energy-efficient technologies and up-to-date wiring. Old wiring requires more electricity to power your appliances because it's not equipped to handle today's modern machines.
Beyond the cost savings, old and outdated wiring that is at least 10 years old is a significant safety hazard.
🗣️ Should the government be paying us to upgrade our homes?
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According to Reliable Power Systems, it's time to rewire your home if it's 40 years or older. Warning signs that things aren't operating as they should include discolored outlets, flickering lights, and frequently blown fuses.
Updating your wiring — and embracing more efficient appliances — can help keep your family safe while saving you money. Once you rewire your home, Reliable Power Systems estimates that it should last for up to 100 years.
"It's also important to know that updated electrical wiring improves the property value of your home, as functional, up-to-date wiring is a big priority for future homeowners," the company explained. "... Keeping an eye on your electrical wiring and knowing when to call a licensed electrician can save money and lives."
To start researching the process of rewiring your home, check out the free online tools from the nonprofit Rewiring America. They can help you navigate the relevant government incentives and get the best deals from trusted, local contractors.
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