The 2022 Inflation Reduction Act reserved millions of dollars for tax credits and rebates for American homeowners who want to make their spaces more energy-efficient.
Through the Home Efficiency Rebates program alone, households can access $8,000 for improvements. The Home Electrification and Appliance Rebates program offers up to $14,000 more in savings. These programs are just starting to complete their final approvals and get launched in states across the country — see a map and list here.
As Samsung said when New York took the electrification program a step further by activating rebates at the point of sale in stores, "this is just the beginning."
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These programs put money back in your pocket while creating a healthier home. You could receive up to $1,600 for adding insulation, which cuts your monthly energy costs. Swapping your gas stove for an efficient induction model could earn you an $840 rebate — plus, it cooks faster and keeps your indoor air cleaner.
Environmental leader Bill McKibben sees these incentives as a great opportunity. "In essence, the IRA creates an $8,000 bank account for every American household ... if people figure out how to access it and use it," he said during a press briefing.
Making your home run on electricity saves money and reduces pollution. The nonprofit Rewiring America offers free tools to help homeowners find available tax incentives and connect with contractors who can do the work. Their IRA Savings Calculator shows precisely how much you could save.
The upgrades pay off in multiple ways, according to McKibben. "These technologies are better than the ones that they replace. Your magnetic induction cooktop is better than the gas flame that you cook on, cheaper, and it doesn't give your kids asthma," he explained.
Don't leave money on the table. Whether you're planning home improvements or living with inefficient appliances, it's the perfect time to upgrade to cleaner, money-saving technology.
Upgrading now rather than later may save you thousands. President-elect Trump has stated that he plans to eliminate the benefits, though this would require an act of Congress. Either way, the future of these benefits is uncertain, so take advantage now.
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