Sometimes, high prices for sustainable retrofits can be intimidating and seem inaccessible. However, there are numerous ways to earn money back for making green choices.
The Inflation Reduction Act (IRA), which was passed in the U.S. in 2022, is an incredible piece of legislation containing numerous rebates and tax exemptions specifically for sustainable home improvement projects.
Examples of the benefits include $8,000 available through the Home Efficiency Rebates program, up to $1,600 in rebates to weatherize your home, and as much as $14,000 in rebates and tax credits for the Home Electrification and Appliance Rebates program.
🗣️ Should the government be paying us to upgrade our homes?
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🔘 Depends on how much it costs 🫰
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🔘 No way 🙅
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While all of these potential savings are great, it can be tricky to navigate how to actually receive these rebates and tax credits. Luckily, companies like Rewiring America have online tools you can use to make these benefits more accessible.
For example, Rewiring America can calculate specific rebate amounts for you, like $2,500 for electric wiring and $840 for an electric stovetop. Tools like this are crucial in allowing Americans to make the most of the benefits from the IRA.
The IRA is beneficial not only for the environment but also for the well-being of people's health and bank accounts. By creating monetary incentives for people to switch to cleaner energy, it will only further money savings by reducing the cost of electricity in total, according to the World Resources Institute.
Additionally, the more clean energy is used, the less air pollution there will be, which is a leading risk factor to the health of humans, particularly children, per the World Health Organization.
If you are interested in making sustainable changes in your own life, check out Rewiring America's tools to ensure you are getting appropriate rebates and tax incentives. Additionally, you can learn how to make other changes, like switching to an EV.
In a press conference about the IRA, Bill McKibben, one of the most influential environmental journalists of our time, described the IRA as "as $8,000 bank account for every American … if people can figure out how to access it and use it."
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