It is an exciting time as we enter an era when sustainable and clean technologies become more and more common. Yet, it can still be difficult at times to figure out how to benefit from green technologies as well as earn money back. Lucky for us, there are resources at our fingertips to aid in making the planet — and your wallet — happier.
The Inflation Reduction Act of 2022 was a monumental piece of legislation that has granted different ways to save money through rebates and tax credits to become more sustainable. Organizations and companies have been stepping up to now provide support and information on how to maximize these savings. For example, Rewiring America has tools online like its IRA Savings Calculator that can give you examples of the money you will save when making switches to electric home products.
One such example is electric vehicles — under the IRA, you can receive up to $7,500 in a tax credit by switching to an EV. By taking part in this switch, you will be doing your part to reduce air pollution that comes from gasoline-powered cars. In fact, 28% of total dirty emissions in the U.S. each year come from transportation, per the Environmental Protection Agency.
🗣️ Should the government be paying us to upgrade our homes?
🔘 Definitely 💰
🔘 Depends on how much it costs 🫰
🔘 Depends on what it's for 🏡
🔘 No way 🙅
🗳️ Click your choice to see results and speak your mind
Other examples include saving up to $4,000 for replacing your circuit breaker box, $1,600 for weatherizing your home with improved insulation, and $840 for replacing your gas stove with an induction stove.
All of these changes will benefit the environment and humans alike. More electric products and fewer dirty-energy-powered products will result in lower levels of harmful air pollution that can cause numerous health problems as well as increase the health of our local ecosystems.
In an interview with Time magazine about the benefits of the IRA and how it will increase the use of clean energy, Christopher Knittel, professor of energy economics at MIT, stated that in the past, "if you were using more electricity, it probably meant you had a bigger house and more lights and appliances that used electricity.
"But in a world with more solar panels on homes, this system means that people with energy-efficient homes can pay almost nothing in maintenance charges."
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
