With winter in full swing across much of the country, you're probably looking for ways to keep your family warm and save on electric bills. Now, the government is offering homeowners $1,600 for home insulation upgrades through the Inflation Reduction Act, making it much cheaper to get the work done.
According to recent data from the Internal Revenue Service, homeowners have already received over $3 billion for new insulation thanks to energy-efficient home improvement credits.
The rebates are now available in 11 states — including California, New York, Colorado, and Arizona — per the Department of Energy's progress tracker. Many other states should be rolling out their rebate programs soon, though you can still apply for tax credits for efficiency improvements before your state's program launches.
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Should the government continue to give tax incentives for energy-efficient home upgrades? Click your choice to see results and speak your mind. |
Absolutely 💯 Weatherization upgrades such as new insulation and air sealing will also allow you to pocket extra cash through monthly savings on your energy bills. According to the DOE, most homeowners can save up to 20% on heating and cooling costs by adding insulation or reducing air leaks around their homes.
By upgrading your home's insulation, you'll keep excess heat out during the summer and prevent it from escaping during winter, making your home much more efficient at maintaining a comfortable temperature. It's also better for the climate since your HVAC system won't have to work as hard, reducing your home's carbon output.
Making home energy improvements, such as updating your attic or wall insulation, is one of the best ways to help your wallet and the planet. Through the IRA, millions of Americans have saved money on electrifying their homes, appliances, and vehicles.
However, these tax incentives may not be available forever, as President-elect Donald Trump has threatened to repeal the IRA, per the Salt Lake Tribune. Doing so would ultimately require an act of Congress, but it's a good idea to take advantage of thousands of dollars in rebates while you still can.
If you want more information on the tax incentives you're eligible for, the nonprofit Rewiring America offers free tools such as an incentive calculator to break it down for you. When you're ready to revamp your home, you can also find vetted contractors through the site.
"Adding attic insulation from R-19 to R-49 made a noticeable difference in temperature and comfort, with lower utility bills as a result," a Reddit user said.
"Our insulation project cut our household energy use by 15%! We're saving a lot of money, especially in the winter!" one of The Cool Down's members shared.
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