Thanks to the Inflation Reduction Act, it's never been easier or cheaper for Americans to make energy-efficient home upgrades that benefit both their wallets and the environment. Home energy rebate programs are starting to roll out in several states, and others are expected to launch theirs soon.
According to the Department of Energy, "all households are potentially eligible" for up to $8,000 in home efficiency rebates, depending on household income and how much energy the upgrades save.
Appliances and home upgrades that qualify for the rebates include clothes dryers, heat pumps, induction cooktops, ventilation systems, insulation and air sealing materials, and much more.
However, you could receive well beyond $8,000 to electrify your home and vehicle by taking advantage of other IRA tax breaks and credits.
Bill McKibben, one of the nation's top environmental journalists, has praised the IRA programs that are saving Americans up to $1 billion a year in electricity costs. "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 news conference.
While modernizing your home and vehicles is hands down one of the best ways to boost your savings account and help cool down the planet, it's not always easy to know how to get started. Thankfully, the electrification nonprofit Rewiring America has free, handy tools to see what tax incentives and rebates you're eligible for and how to access them.
With its easy-to-use incentive calculator, you can instantly get a breakdown of what upfront discounts are available after answering a few basic questions. And if you're ready to get the ball rolling on a home improvement project, you'll also be able to find vetted contractors on the site.
Not only will you be making your home more comfortable and energy-efficient, but you'll also be reducing both indoor and outdoor air pollution. Gas stoves in particular are one of the worst offenders when it comes to unhealthy indoor air and have been linked to lung issues caused by the toxic gases they release. In short, you're doing your family and Mother Earth a favor when you decide to go green.
"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. "The heat pump is an elegant replacement for the furnace and cheaper to use in the long run."
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