With electricity prices on the rise, saving any little bit of money can go a long way. Luckily, there's a free tool that can save you thousands on your utility bill.
In 2022, Congress passed the Inflation Reduction Act, pledging nearly $370 billion to climate action. Much of this money was allocated to helping Americans spend less on energy bills and gas through home improvements and new energy sources.
Without combing through the 700 pages of the IRA, the nonprofit Rewiring America has produced a free tool that can allow you to calculate what you and your family can save.
The savings calculator is quick and easy to use. You just have to enter information such as your ZIP code, household income, and electricity provider, then it calculates how much you could save by improving your home. The calculator offers insight into what ways you could save money short- and long-term through transportation, battery storage, wiring, HVAC, solar, and more.
Discounts for home improvement projects are available now on items like heat pumps, electric vehicle chargers, induction stoves, and water heaters. The savings calculator can help you save up to $3,400 by upgrading these home appliances.
There are also tax incentives available for purchasing a new electric vehicle or installing solar panels, as well as future incentives the tool brings awareness to, including Federal Home Efficiency Rebates due later this year. These can help you save even more in the long run, with savings between $28,000 and $120,000 over the lifetime of solar panels, according to EnergySage, and $1,200 in savings a year by switching to an EV, according to CBS News.
Affordable energy from heat pumps and solar is cheaper than dirty energy sources like gas and coal. By switching to EVs, solar power, and affordable energy for your appliances and home electricity, you can save money and also decrease air and water pollution. These electric appliances can also limit the adverse effects of coal and gas that contribute to droughts, wildfires, flooding, poverty, health risks, and habitat loss.
Rewiring America's CEO, Ari Matusiak, posted on LinkedIn about the nonprofit's savings calculator: "Not only are these tax credits good for the planet, they are good for the pocketbooks of the millions of Americans who found out about the money in their electric bank accounts from the IRA through tools like Rewiring America's incentive calculator."
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