Americans could be missing out on thousands of dollars in home improvement savings, according to an Instagram video. Surprisingly, 70% of people aren't aware of the money-saving tax credits available through the Inflation Reduction Act (IRA) for making their homes more energy-efficient.
The scoop
Home renovation influencer Lauren Bash (@relauren) breaks down the impressive savings available through the IRA in the "video you didn't know you needed."
"I know this can all be VERYYYY confusing, so check out the @rewiringamerica website — they have a savings calculator where you can see what you qualify for!" Bash explains in her caption.
The video outlines several major incentives: $600 off an electric panel upgrade, up to $7,500 in tax credits for electric vehicles, $2,000 off air-source heat pumps, 30% tax credits for rooftop solar installations, battery storage systems, and home improvements like insulation, air sealing, doors, and windows. She even includes tips for renters on how to discuss electrification with their landlords.
How it's helping
These incentives make upgrading your home much more affordable while reducing energy bills month after month. For example, installing rooftop solar panels typically pays for itself within a few years through lower electricity costs, and that's before factoring in the 30% tax credit that can save thousands up-front.
Beyond the financial benefits, electrifying your home is one of the most impactful ways to reduce your environmental footprint. By switching to electric appliances and improving energy efficiency, you can dramatically cut your household's carbon pollution while creating a more comfortable living space.
As Lauren wrote in her caption, Rewiring America offers free tools to help homeowners and renters navigate available tax incentives, find qualified contractors, and make these money-saving upgrades more accessible.
If you're thinking of pursuing these incentives, it's best to do so sooner rather than later, as President-elect Donald Trump has suggested he plans on eliminating these benefits.
What everyone's saying
The video's comment section is filled with excited responses from viewers ready to take advantage of these savings.
🗣️ How much money do you plan to spend on home improvement projects this year?
🔘 Under $1K 😎
🔘 $1K to $5K 💵
🔘 $5K to $10K 💰
🔘 Over $10K 🤑
🗳️ Click your choice to see results and speak your mind
"This is very very useful as someone that is looking at fixer uppers for a home!" one user wrote.
Others highlighted additional opportunities: "Yes!!! The IRA is amazing!! You may also be eligible for local, regional, or state rebates depending on where you live and who provides your electricity."
"Yasss. so many tax benefits for electrifying your home! More people need to be talking about this!" another commenter chimed in, spreading awareness about these incentives.
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