Whether your electric bill is highest in the winter or summer, it's frustrating to see how high that number can get. One way to reduce costs is to ensure your home is well insulated.
Luckily, the government has provided a way to make those home improvements and receive a rebate.
The Inflation Reduction Act provides homeowners with tax credits for several ways to upgrade their homes with improvements that also save money on bills. One option is to weatherize your home, which means improving your walls, windows, attics, and floors to ensure no air is getting out or getting in.
While this may seem like it could cost a lot up front, the government offers up to a $1,600 discount when upgrading your ventilation, air sealing, and insulation.
Ensuring your home is insulated can save you money on your electric bills. According to Energy Star, it could save you 15% annually for cooling and heating your home.
Navigating the IRA's incentives and rebates isn't always easy, though. That's where Rewiring America's Incentive Calculator comes in. It's an easy tool to use to figure out just how much you can get back. All it takes is answering seven questions, including your zip code and if you rent or own, and in under a minute, you can find out how much money you can save to make home improvements.
Time is of the essence for making these improvements, though. According to The Salt Lake Tribune, President-elect Donald Trump has said he wants to eliminate the IRA and the incentives that come with it.
Weatherizing your home goes beyond saving you money on your electric bill. It can also reduce residential and power plant power usage, per The Climate Reality Project. The residential and power plant sector uses 21% of U.S. energy, so cutting the use of dirty energy can have other benefits, such as improved air quality. When the air the community breathes is cleaner, there are fewer illnesses.
The Climate Reality Project also noted that it can raise property values and increase the local economy.
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Insulating your home to make your home more energy efficient is just one way to utilize the incentives from the IRA. The Home Efficiency Rebates program makes $8,000 available for a household to improve their home. Additionally, there is the Home Electrification and Appliance Rebates program, which makes $1,400 available. Electrifying your home and appliances is a great way to save money on your bills and help the environment.
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