Want an extra $8,000 to upgrade your home? Thanks to recent legislation, that dream is becoming a reality for American households looking to save money while making their homes more comfortable and efficient.
The 2022 Inflation Reduction Act created what environmental journalist Bill McKibben has called "an $8,000 bank account for every American household." Through the Home Efficiency Rebates program rolling out in certain states, you can access up to $8,000 in rebates to upgrade your living space.
And that's just one of the IRA programs.
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Homeowners in certain states and with certain incomes can qualify for up to $14,000 in rebates through the separate Home Electrification and Appliance Rebates program. This includes up to $8,000 for installing a heat pump for efficient heating and cooling, $1,600 for better home insulation, and $840 for switching to a faster, cleaner induction stove.
Other potential ways to benefit through the IRA are federal tax credits that are already available. Plus, there can be state, local, or utility-based incentives for efficiency upgrades.
These upgrades aren't just about putting money back in your pocket, though lower monthly energy bills are a fantastic bonus. The new technologies these incentives support can be safer and more energy-efficient than what they're replacing.
As McKibben pointed out, "Your magnetic induction cooktop is better than the gas flame that you cook on, cheaper, and it doesn't give your kids asthma." Meanwhile, heat pumps provide more consistent comfort than traditional furnaces while generally costing less to operate.
Thanks to helpful resources like the nonprofit Rewiring America, getting started is simple. The organization's online IRA Savings Calculator shows exactly how much you could save and guides you through the redemption process.
Energy-efficient home improvements you make help create a cleaner, healthier future. By upgrading to more efficient technologies, you're saving money and joining millions of Americans in reducing harmful pollution and protecting our communities.
It should be noted that these savings may not be available forever. President-elect Donald Trump has said he plans to eliminate significant chunks of the IRA, so it's advisable to take advantage sooner rather than later — it could save you thousands of dollars.
Ready to tap into your home improvement "bank account"? Don't leave this money on the table. Whether you're planning renovations or want to cut your energy bills, these incentives make it easy to create a more comfortable home that costs less to maintain.
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