American homeowners can now get up to $14,000 (or even more in some cases) in government rebates and tax credits when making energy-efficient home upgrades. It's all thanks to the Inflation Reduction Act, a two-year-old law that marks Congress' biggest clean energy and climate action to date.
Through the IRA, Congress dedicated almost $370 billion to climate action — and some of that money can go straight into your pocket to use on energy-saving upgrades.
IRA discounts, rebates, and tax incentives are now available to families and small businesses making eco-minded updates to their homes and businesses. The IRA offers sizable rebates for a wide range of energy-efficient home improvements, including heat pumps for heating and cooling, water heaters, attic insulation, new windows, and even eco-friendly appliances such as washers, dryers, and stoves.
While navigating the fine print may sound complicated, one online tool makes claiming your incentives easy. Rewiring America, an electrification nonprofit, has a free online savings calculator to help you identify available tax incentives and discounts. The calculator can even help you discover which eligible upgrades make the most sense for your lifestyle and home.
In just seven questions, Rewiring America's Incentive Calculator can show how much you can save while improving your home. Some may qualify for tax credits on electric vehicles (up to $7,500) or on solar panel installation (30% of the price). Depending on a household's eligibility on income and how far a family wants to take its upgrades in the coming years, the total savings could easily reach the tens of thousands.
Rebates and tax credits aren't the only way you'll save money. Converting to electric appliances, installing solar panels, upgrading your heating and cooling, and other eco-minded home updates can save you thousands of dollars on bills by curbing the use of expensive gas, coal, and other polluting fuels. IRA rebates and incentives make investing in eco-minded swaps well worth the upfront cost.
But electrifying your home, vehicle, and household appliances isn't only a top way to save money on bills; it also helps the environment at the same time.
Swapping to cleaner forms of energy is essential for the future health of our planet. Polluting dirty energy sources like gas and coal, which the country has historically relied on for energy, have detrimental environmental and public health impacts.
Clean energy options — including solar, wind, and hydropower — aren't only better for the planet, but they are also less expensive and more efficient than their dirty energy counterparts.
To find out how much you can save, check out Rewiring America's Incentive Calculator for complete and customized recommendations. You've got nothing to lose — and some serious cash to gain.
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