The U.S. federal government is offering a massive tax break to help you lower your energy bills each month.
In 2022, the government passed the Inflation Reduction Act, and included within it are a ton of tax breaks and rebates to help you go green and reduce your energy bills every month.
One of the biggest offers the IRA makes to help you save is for geothermal heat pumps. Geothermal heat pumps use the earth's natural heat to help keep the temperature of your house well-regulated, cycling cold air out to heat up in the winter and pulling hot air out to cool down in the summer. They're efficient, effective, and, with the IRA's help, they're more affordable than ever.
In fact, the government is offering consumers 30% off the installation of a geothermal heat pump, with no cap on that amount, which is worth an average of $7,200.
On top of the savings on installing this geothermal heating and cooling system, the system itself can drastically reduce your energy bills each month. Heat pumps are three times more efficient than traditional HVAC systems and can save you close to $900 per year on your energy bills compared to systems that rely on dirty energy.
Electrifying your home, car, and appliances is one of the best ways to save money while also reducing your carbon footprint. The heat pump alone is enough to save 2.8 tons of planet-warming emissions going into the atmosphere each year, per Rewiring America.
For more information on how to electrify your life, check out Rewiring America's handy calculator. It will help you see exactly how much you can get from the IRA, as well as show you how much you can save annually as you bring your home into the push for a greener future.
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