It's been almost two years since the Inflation Reduction Act took effect. The bill invested almost $370 billion primarily into modernizing home equipment and vehicles while cutting down on how much dirty fuel is burned to operate them.
One big chunk of that money is set aside for U.S. homeowners to improve their homes and lower their utility bills. But how can you get your hands on it? One of the best resources out there is the nonprofit Rewiring America and its various informational resources, such as rebate breakdowns and one of TCD's favorite tools on the web: the incentive calculator.
What is the Rewiring America incentive calculator?
This calculator is designed to help you navigate the ins and outs of the IRA and how it applies to you. It will help you understand tax incentives related to electrifying your home, vehicle, and appliances — all moves that will save you money on bills and fuel and that make even more financial sense with discounts, rebates, and tax credits thrown in.
Why are Inflation Reduction Act incentives important?
For most Americans, your home and your car are the two biggest ways that you have an impact on the environment. You have a choice between traditional gas-powered options that use a lot of energy and cause a lot of heat-trapping air pollution — or sleek new gadgets that run on electricity, save energy, and pollute as little as possible. They're good for the planet and good for your bank account since they're cheaper to use.
The problem is the up-front investment needed to switch to a new appliance, buy an electric car, or upgrade your home with energy-saving features. That's where the IRA and Rewiring America come in.
The IRA's incentives can help you afford your upgrade, and Rewiring America helps you figure out how and make sure you're not missing anything. The site even helps you get in touch with the right contractors for the job, if you decide you want to cut to the chase and get some tangible quotes from a local business.
How Rewiring America helps you upgrade your life
The incentive calculator will tell you which tax breaks, discounts, and rebates you qualify for based on factors like your location, income, and the size of your household. It also has specific information about how much money is available to you and how you can claim it.
For example, if you're buying an electric car, you could qualify for up to $7,500 in savings. If you want to install solar panels, you could receive a tax credit for up to 30% of the cost.
Your incentive calculator can even make suggestions about upgrades you might never have thought of while you're at it. It's kind of like checking out the menu even when you know what you want to order. Good to know what else is there for rebates while the incentives are in place.
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