Want $8,000 to upgrade your home? Thanks to federal legislation, that dream can become a reality for millions of Americans.
The Inflation Reduction Act has created what environmental journalist Bill McKibben calls "an $8,000 bank account for every American household" — and that's just the beginning.
This historic legislation offers homeowners thousands in rebates and tax credits to make their homes more comfortable and energy-efficient.
Through programs such as Home Efficiency Rebates and Home Electrification Rebates, families can access up to $22,000 in combined savings. That includes up to $8,000 for home efficiency improvements and another $14,000 for upgrading to modern electric appliances.
Want to slash your energy bills? You could get up to $1,600 back for adding better insulation. Ready to ditch your gas stove? An $840 rebate is available for switching to a sleek induction cooktop that cooks faster and maintains healthier indoor air.
These upgrades don't just pad your wallet. They're also better than the tech they're replacing. Modern electric appliances are more efficient, powerful, and cheaper to operate than outdated gas versions. Plus, electrifying your home is an effective way to reduce your carbon footprint while saving money on utility bills.
Despite these benefits, a Yale report found that most registered voters haven't heard much about these money-saving opportunities. Thankfully, organizations such as the nonprofit Rewiring America are making it easy to cash in. Its free online tools help you calculate your potential savings, find qualified contractors, and navigate the available incentives.
"The good news is that these technologies are better than the ones that they replace," McKibben said. "Your magnetic induction cooktop is better than the gas flame that you cook on, cheaper, and it doesn't give your kids asthma."
However, these funds may not be available forever. President-elect Donald Trump has stated he'd like to eliminate large portions of the IRA, which could affect people's ability to take advantage. So taking advantage sooner rather than later could save you thousands.
Before you start your next home improvement project, check if you can tap into these savings.
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