Is there a drafty room in your house that's making you shiver? Good news — the government wants to give you money to fix that and save money on energy in the long run.
Among many other rebates and tax incentives, the Inflation Reduction Act offers homeowners a tax credit of 30% of the cost of a home energy audit, up to $150 per year. This audit can help you figure out how to make your home more energy efficient, from adding insulation for that pesky draft to integrating Energy Star appliances into the mix.
Meanwhile, the government has your back when it's time to make those upgrades. For instance, the IRA gives homeowners up to $8,000 through the Home Energy Rebates Program.
Plus, the Home Electrification and Appliance Rebates program gives Americans as much as an additional $14,000 in tax credits and rebates that can be used for anything from a new electrical panel to insulation, air sealing, and mechanical ventilation products, or an Energy Star-certified electric stove, cooktop, range, or oven.
Electrifying your home is an excellent way to reduce your energy usage, which will save you cash and reduce the amount of planet-warming pollution you produce. For instance, installing a heat pump can save you up to $1,000 on energy bills each year. Also, heat pumps eliminate tons of carbon pollution annually compared to other heating systems, according to Canary Media.
"The good news is that these technologies are better than the ones that they replace. Your magnetic induction cooktop is better than the gas flame that you cook on, cheaper, and it doesn't give your kids asthma," leading environmental journalist Bill McKibben said. "The heat pump is an elegant replacement for the furnace and cheaper to use in the long run."
Are you ready to take advantage of all the tax breaks and credits in the IRA but feeling a little lost? The nonprofit Rewiring America has free tools to help you navigate available tax incentives, find contractors, and make upgrading your home much cheaper.
Remember, the benefits of the IRA may not be available forever, as President-elect Trump has indicated that he wants to do away with subsidies. It is important to note, however, that any changes to the IRA would require an act of Congress.
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