In July 2022, Congress made headlines with the largest climate package ever passed in U.S. history. This Inflation Reduction Act offers homeowners thousands in rebates and tax credits to upgrade their homes to make them more eco-friendly.
In 2023 alone, 3.4 million Americans took advantage of $8.4 billion in tax credits and made energy-efficiency upgrades in their homes, according to the White House. During the first day of the application window, the 725 applications received added up to a savings of 170 megawatts of capacity, according to the U.S. Department of the Treasury.
This law was not only a major plus for homeowners but also for the environment. The only downside is there has been talk of it being reversed under the upcoming second term of Donald Trump's presidency. While changing the IRA will require an act of Congress, its future is still uncertain as both the House of Representatives and Senate have a Republican majority.
|
Should the government continue to give tax incentives for energy-efficient home upgrades? Click your choice to see results and speak your mind. |
Absolutely 💯 Depending on your income, you can save up to $8,000 per household as long as you reduce your home's energy use by 20%. If you upgrade your equipment — such as your electrical panel, insulation, and major appliances — you may also be eligible for up to $14,000 in rebates.
It is a bit difficult to access these rebates in a few states, but there are organizations that can assist, including Rewiring America. This nonprofit organization offers tools to help consumers learn their potential savings, redeem their rebates, and find local affordable contractors for their home upgrades.
The more clean energy updates we make to our homes, the more we can reduce our overall carbon footprint and help cool the planet. Upgrading equipment, like this couple that got a rebate of $500 when they upgraded their stove, driving electric cars, and insulating your home to reduce your electricity use are also proven ways to save hundreds of dollars a month.
If you are looking to take advantage of this offer to help your household go green, you will need to act very soon. This guide can assist you with how many tax breaks you qualify for under the IRA.
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
