This upgrade could increase your home's value and help you save money on your monthly bills, and you can get thousands of dollars off the price — here's how.
The scoop
You probably don't think much about the state of the wires in your walls, but if your home is old enough, they could need an upgrade.
Older homes are more likely to have frayed or damaged wiring, which raises the risk of electrical fires. Older wires also aren't as effective as newer ones, so you could be paying more on your monthly bills with old wiring.
🗣️ 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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Rewiring your home will improve your energy efficiency, saving you money on energy bills. Installation can be on the expensive side, but the Inflation Reduction Act may cover thousands of dollars of the bill.
How it's working
The IRA dedicates hundreds of billions of dollars to climate action, including with tax rebates for eco-friendly home upgrades. These home upgrades include everything from induction stovetops to weatherization to electric vehicles.
The benefits might not be around forever, and waiting to act could mean you lose out on thousands of dollars in potential savings.
If you're looking to rewire your home but aren't sure where to start, Rewiring America can help. Just answer a few questions about your home, such as its size, age, and location, and Rewiring America will recommend upgrades, estimate their cost, and help you find local contractors. It also provides a host of resources and information so you can become an energy expert on your home.
What people are saying
Homebuyers, -sellers, and -owners are reaping a ton of benefits under the IRA. Not only will it help save you money on energy-efficient home upgrades, but it will also make your home more livable and desirable.
"Everyone's looking for clean energy, reduced footprints, those types of things," real estate agent Gene Darden told HomeLight. "When you layer in dollar-for-dollar tax credits and things like that, it gives a seller several options to go ahead and add some of those things to their home, which is going to make it much more attractive to a buyer."
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