Did you know that it's never been easier to afford improvements to your home? Whether you're tackling drafty rooms or outdated appliances, you can save a ton of money with tax breaks and rebates under the Inflation Reduction Act.
The scoop
Congress passed this legislation in 2022, and it's a huge boost to consumers' pockets, with lots of options for cashing in. For example, homeowners can get up to $8,000 through Home Efficiency Rebates, currently rolling out in many states.
There's also a separate $14,000 potentially on the table through Home Electrification and Appliance Rebates, for certain income levels and again in certain states. Within the HEAR program, there is a rebate of up to $4,000 that could be used for a brand-new breaker box.
Another option is to seek an IRA-supported tax credit for upgrades such as electric panels. State and local programs may also support your upgrades.
Many of the rebates are applied upfront. However, taking advantage of the IRA programs sooner rather than later may be a smart move, as President-elect Donald Trump has made clear that he is not a fan of the law, the Salt Lake Tribune reported.
Congress would need to sign off on any changes, so it's too soon to tell what will happen. Still, getting your share of the IRA pie now could be the safest bet.
How it's working
All that said, actually figuring out how to get the funds for your home improvements can be tricky.
Rewiring America can help. The nonprofit has created an "IRA Savings Calculator" that can tell you exactly how much you're eligible for, plus how to get it.
According to the White House, over 3.4 million Americans (and counting) have already benefited from the IRA's incentives, whether via weatherizing their homes, upgrading their appliances, getting an electric vehicle, or going solar.
That also means the same number of people have taken a real step toward transitioning away from polluting energy sources and helping to prevent the overheating of our planet.
What people are saying
Support for the IRA has reached far and wide. Bill McKibben, a top environmental journalist, has applauded how the program saves everyday people money on utility bills and smart, energy-efficient purchases.
"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," McKibben said during a press briefing.
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