Did you know you could get over $8,000 in tax incentives and rebates to make energy-efficient home improvements and save big on electric bills? If not, now's your chance to cash in.
Thanks to the Inflation Reduction Act passed in 2022 — the most significant piece of climate legislation in U.S. history — homeowners are eligible for $8,000 through the Home Efficiency Rebates Program. This program provides rebates to reduce the cost of energy-saving upgrades.
In addition, low- to moderate-income households could receive as much as $14,000 in rebates through the Home Electrification and Appliances Rebate Program to purchase eco-friendly technologies such as heat pumps, induction stoves, and insulation.
In total, this amounts to nearly $9 billion in rebate funding dispersed to the states, tribes, and territories. As of Dec. 19, home energy rebates are now available in 11 states, including California, Arizona, New Mexico, and New York, per the Department of Energy.
Whether you upgrade your car, home, or both, going electric is one of the best ways to help your wallet and the environment. Energy-efficient appliances help reduce electric bills and improve your health by reducing harmful indoor air pollution from gas stoves or furnaces.
And when you take advantage of tax breaks through the IRA, you're encouraging the widespread adoption of green technologies that reduce reliance on polluting fuels such as oil and gas and contribute to lowering the planet's temperature.
Bill McKibben, one of the nation's top environmental journalists, has praised the IRA for making it easier for people to afford these clean energy upgrades.
"The good news is that 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," McKibben said in a press briefing. "The heat pump is an elegant replacement for the furnace and cheaper to use in the long run."
If you need help accessing the tax incentives and rebates available to you, organizations such as the nonprofit Rewiring America offer free tools that show you exactly how much you can save on home improvements. You can also find vetted contractors for your next project, making it a one-stop shop for all your electrification needs.
🗣️ Should the government continue to give tax incentives for energy-efficient home upgrades?
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🔘 Depends on the upgrade 🤔
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While a ton of money is up for grabs for homeowners and businesses wanting to make eco-friendly upgrades, it may not be available forever. President-elect Donald Trump has stated multiple times he wants to dismantle the Inflation Reduction Act, which could put an end to the incentives. If you want to take advantage of thousands in free cash to install things like solar panels or heat pumps, you may want to do it sooner rather than later.
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