The Inflation Reduction Act has provided citizens with numerous tax incentives and rebates. One of the most overlooked is the Federal Energy-Efficient Home Improvement Credit. Among other things, this credit can get qualifying households up to $150 back on an energy audit. Learn how and why it's important to claim now.
The scoop
The tax credit covers up to 30% of a home energy audit, according to the U.S. Department of Energy. The maximum households can get back for the audit is $150. The incentive's goal is to inform citizens of the most impactful ways to upgrade their houses and begin saving money while working toward a more eco-friendly future.
This could include switching to energy-saving appliances or upgrading insulation. The audit must meet these criteria: First, a qualified home energy auditor who is certified by a Qualified Certification Program (or under their supervision) must conduct the review.
Second, homeowners should obtain an inspection and written report explaining significant energy- and cost-saving opportunities for the house. The results must also be signed by the qualified home energy auditor according to best practices.
The urgency to bank in on this benefit is higher than ever, as the rebate may not last forever. President-elect Donald Trump has expressed interest in dissolving the IRA's benefits in the coming years. An act of Congress would have to eliminate them, so their stability is unknown. In the future, though, households may have to pay full price for these services.
How it's helping
People who choose to get an audit could save far more than $150 in the long run as they invest in the recommended electrified appliances, cars, and more. That's because the tips the auditors provide could save homes thousands of dollars. Savings can add up quickly, especially when considering that electricity costs have been rising, at times outpacing inflation, as Utility Dive has highlighted based on government data.
However, electrifying and improving energy efficiency is a surefire way to lower utility bills while reducing pollution that causes an overheated planet. The IRA is a long and complicated piece of legislation, but those having trouble navigating the list of benefits can use tools like those from the nonprofit Rewiring America to calculate eligibility and find reputable contractors.
What everyone's saying
People have shared numerous positive experiences after upgrading their homes.
"Our insulation project cut our household energy use by 15%! We're saving a lot of money, especially in the winter," Jason C. reported from chilly Madison, Wisconsin.
🗣️ Should the government continue to give tax incentives for energy-efficient home upgrades?
🔘 Absolutely 💯
🔘 No 🙅
🔘 Depends on the upgrade 🤔
🔘 I don't know 🤷
🗳️ Click your choice to see results and speak your mind
"I recently installed smart thermostats and light switches in my condo, and honestly, I'm loving it," said Kelly T., hinting at a developing interest in smart tech that makes it simpler than ever to avoid wasting unneeded electricity.
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