Making energy-efficient home upgrades has never been easier or more affordable thanks to the Inflation Reduction Act. You could get up to $14,000 for electrical upgrades and purchase energy-saving appliances through a new IRA rebate program.
According to The Washington Post, millions of Americans took advantage of IRA tax incentives last year, claiming over $8 billion in credits on their tax returns to make home energy improvements.
Electrification rebates offered through the Home Electrification and Appliance Rebates (HEAR) program are available to low- and moderate-income households and apply to various appliances and electrical upgrades, such as heat pumps, induction stoves, climate-friendly washers and dryers, and attic insulation.
For example, through the HEAR program, you could qualify for a rebate of up to $8,000 for an Energy Star–rated electric heat pump, up to $4,000 for a new electrical panel, and up to $1,600 for weatherization upgrades like attic insulation and air sealing, depending on your income and location.
In short, the rebate program can help you keep more money in your pocket while contributing to a cooler, cleaner future. And the rewards don't end with the rebates — you'll benefit by having lower electric bills each month as well.
In addition, certain upgrades like induction stoves can improve indoor air quality and your family's health. Gas stoves have been linked to asthma and other lung problems, so making the switch can help your family breathe easier (and save time in the kitchen).
While the initial cost of green technologies may give you pause, you'll get a nice return on your investments in electrifying your home and vehicle down the road. Plus, you could pocket even more green since home upgrade rebates can be combined with income tax credits, per Energy Star.
Programs have already rolled out in Wisconsin and New York; you can keep tabs on your state's progress toward launching HEAR rebates with the Department of Energy's tracker.
If you need help figuring out what tax incentives you qualify for, the electrification nonprofit Rewiring America has free tools to simplify the process. By answering a few basic questions, you can instantly see how much you can save on electric appliance upgrades and find qualified contractors for your next climate-friendly project.
"The Inflation Reduction Act put solar power and a heat-pump water heater in reach of our household. We are now running at net-zero, and our payback will be another 4 years!" one reader commented on The Washington Post.
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