Planning a home upgrade can be stressful. There's the research, the scheduling, the endless logistics, and, of course, the budgeting. While the cost of many home renovations is high, there is hope for your bank account. That's because the government may give you cash when you make climate-minded home upgrades. And it's all thanks to the Inflation Reduction Act.
The Inflation Reduction Act is a 2022 law that marks Congress' biggest clean energy and climate action to date, dedicating almost $370 billion to environmental initiatives. And some of that money can go straight into your pocket when you make planet-conscious home renovations.
The IRA offers sizable rebates for a wide range of energy-efficient home improvements, including installing solar panels, improving attic insulation, upgrading to new windows, and even swapping to eco-friendly appliances such as washers, dryers, and stoves. If you're making eligible home efficiency updates, that could total up to $8,000 through the Home Efficiency Rebates program.
While navigating the fine print of any legislation is complicated, there's a free online tool that makes claiming these IRA incentives easy. Rewiring America, an electrification nonprofit, has a no-cost online savings calculator to help you identify available tax incentives and discounts.
With Rewiring America, all you have to do is answer seven questions and wait less than a minute to see which savings you can claim. It's truly that simple.
Prioritizing the environment in your home renovations is essential for the future health of the planet. Converting to electric appliances, installing solar panels, upgrading your heating and cooling, and other eco-minded home updates can save you thousands of dollars while also curbing the use of expensive gas, coal, and other polluting fuels. Polluting dirty energy sources like gas and coal, which the country has historically relied on for energy, have detrimental environmental and public health impacts, as the Natural Resources Defense Council explained.
But rebates for climate-minded home updates may not be available forever. President-elect Donald Trump has stated he hopes to eliminate large portions of the IRA, which could cut back on or entirely eliminate government incentives for home renovations. Major changes to the IRA, however, would ultimately require an act of Congress. With such an uncertain future, taking advantage of IRA incentives sooner rather than later could potentially save you thousands.
To see if you qualify for IRA rebates and credits — and how much you can save — visit Rewiring America's Incentive Calculator for complete and customized recommendations.
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