The government recently allocated over $140 million for Inflation Reduction Act consumer rebates and program administration in Colorado, but the funds might not be available forever.
Colorado homeowners have a reason to celebrate. The Department of Energy approved the state's application for IRA rebates. Now, those funds are available and ready to help people update their homes. But Colorado isn't the only state offering these clean energy incentives.
In 2022, Congress passed the IRA to fight the changing climate. The act includes funding for rebates and tax credits for environmentally friendly home updates. Through the Home Efficiency Rebates (HER) program or the Home Electrification and Appliance Rebates (HEAR) program, income-qualifying households can get thousands of dollars in incentives — up to $14,000 for HEAR, the program that has so far launched in Colorado. The Colorado programs are still being rolled out.
Meanwhile, taxpayers nationwide can also benefit from thousands more in IRA-supported tax credits for home upgrades.
This all means the possibility of brand-new appliances and a refreshed home at little to no cost.
Going electric — from your vehicle to your stove — saves money and helps the environment. You'll lower your utility bills and use less energy without changing your habits.
With so many government incentives, knowing what applies to you is difficult. Luckily, Rewiring America has free tools to help. Discover available federal tax credits and other incentives, find contractors, and affordably upgrade your home.
Not only will these upgrades save you money, but they can reduce pollution and make your home cleaner and greener. Plus, electric appliances are often safer, as things like gas stoves can be dangerous.
The IRA rebates and home incentives are exciting. However, they might not be around forever. Taking advantage of these incentives sooner rather than later can save you thousands of dollars. Even just waiting a few months could mean losing out on the rebates. And most homes are moving toward clean energy anyway, so there's no reason to wait.
🗣️ Should the government continue to give tax incentives for energy-efficient home upgrades?
🔘 Absolutely 💯
🔘 No 🙅
🔘 Depends on the upgrade 🤔
🔘 I don't know 🤷
🗳️ Click your choice to see results and speak your mind
President-elect Donald Trump has consistently said he wants to eliminate the subsidies. Any major changes to the IRA require an act of Congress. This makes the future of the IRA incentives very uncertain. They could be around for years to come or could be unavailable in just a few months.
These incentives are positively impacting clean energy use. Andrew Reagan, executive director of Clean Energy for America, told The Salt Lake Tribune in October: "A big question for this election is whether we'll continue to see a rapid acceleration of clean energy that helps us meet our climate targets."
Take advantage of these incentives now to boost clean energy use before the rebates are gone.
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