A house is not a home until you add some personal touches, and a home is not a smart home until you integrate technology that is better for your wallet and the planet. Lucky for you, there's never been a better time to do so, thanks to help from Uncle Sam and his friends in Washington, D.C.
Chore lovers rejoice for high-tech, subsidized appliances.
The scoop
The Inflation Reduction Act was passed in 2022. It is the most comprehensive plan to date to combat climate shifts and encourage clean energy. The IRA provides tax credits and rebates to homeowners who swap out their old appliances for newer, more eco-friendly models.
With the help of the Home Efficiency Rebates program, homeowners can save up to $8,000 on projects that reduce household energy use.
The Home Electrification and Appliance Rebates program offers up to $14,000 in rebates, depending on the state of residence and products chosen.
If you're eager to take advantage of this amazing opportunity but don't know where to start, a resource such as Rewiring America could be your one-stop shop. It has a plethora of resources on topics ranging from finding the right products for your home to seeing how much you could save on electric appliance upgrades.
Additionally, Energy.gov has helpful guidance on which products and brands are eligible for the rebates and how weatherizing your home offers promising benefits.
How it's working
Not only does this program give households access to cutting-edge technology that is better for the environment, but it also essentially acts as a "bank account" for households. Bill McKibben, a top environmental journalist, said, "In essence, the IRA creates an $8,000 bank account for every American household … if people figure out how to access it and use it."
Eligible appliances typically lower utility bills by a whopping 30% per year. More money goes into the "bank account," and less comes out.
Energy-efficient appliances are not only better for your wallet; they're also beneficial to your health. According to one report from the Natural Resources Defense Council, sustainable energy consumption can save lives and "avoid up to $20 billion in health-related problems." These include conditions ranging from asthma to heart attacks and lung cancer.
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Energy-efficient appliances and home weatherization also have a positive impact on the planet by employing more sustainable energy usage and emitting fewer greenhouse gases into the atmosphere. With 42% of energy emissions coming from homes and cars, tiny switches add up to a huge difference.
What people are saying
In the two years since the IRA was passed, more than $8 billion in these credits has been claimed. More than 3.4 million American families have taken advantage of the offer so far.
Wisconsin State Treasurer Sarah Godlewski summed it up best: "So the Inflation Reduction Act is finally breaking the status quo of inaction. … As a mom of a two year old, I think about how this historic legislation is not only going to be making a difference today and tomorrow, but for the next generation."
So the next time you're considering a home renovation project, Uncle Sam may be able to lend a helping hand — or dollar.
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