Thousands of dollars in tax breaks and credits are waiting for you under the Inflation Reduction Act.
The IRA contains over $369 billion worth of climate provisions, making it the biggest environmentally conscious bill to ever be passed by Congress. A huge chunk of this money has been allocated to help people upgrade their homes with clean energy technology.
For example, through the Home Efficiency Rebates Program, you can earn over $8,000 by making eco-friendly updates to your home.
🗣️ Should the government be paying us to upgrade our homes?
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One way to take advantage of the tax credit is by upgrading the windows in your home through the windows and skylight tax credit. Use the Energy Star Climate Zone Finder to find your zone and determine your eligibility for a 30% savings of up to $600.
Upgrading your windows is one of the cheaper upgrades to choose from and a perfect place to start when weatherizing your home. Energy-efficient windows control heat transfer in and out of the home, taking the strain away from your heating and cooling systems. This lowers the energy needed to regulate the indoor temperature. Insulating your home against the elements will save you almost $300 a year.
Electrifying your home, vehicle, and appliances will also save you money while contributing to a cooler planet. Going electric is one of the best ways to reduce your environmental impact, as electric vehicles and appliances do not release harmful, planet-warming gases into the atmosphere.
There are additional tax credits and rebate programs you may be eligible for, depending on your location and what you're looking to upgrade. With the help of Rewiring America, you can determine which rebates, credits, and discounts you qualify for. Consider also using Rewiring America's free tools to find reputable and vetted contractors in your area for easy installation.
Per the EPA, power plants — facilities that produce electricity using dirty energy — are the largest source of planet-warming gas pollution in the United States, accounting for more than 25% of all domestic heat-trapping pollution. By making some eco-friendly upgrades to your home, you can not only save money down the line but also help decrease the total amount of pollution in the atmosphere.
These tax credits may not be available under President-elect Trump, who has said he wants to remove these subsidies. However, despite this, it's important to note that any changes to the IRA would require an act of Congress.
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