You may have heard about the Inflation Reduction Act (IRA), Congress' largest investment in climate action ever (close to $370 billion). A ton of this cash will be used to help Americans afford home improvements so they can spend less on their energy bills or on gas.
In light of the over-700-page law, the nonprofit Rewiring America created a handy tool that calculates how much of the $370 billion could be yours.
The Incentive Calculator is incredibly easy to use. It can take under a minute to answer its seven questions, such as your zip code or whether you rent or own a house to find out exactly how much you could save by improving your home. And improving your home can also save you money in the long run, too, as Rewiring America estimates that the average homeowner can save $1,550 per year from installing solar panels.
Although there is an enormous amount of money available to individuals, businesses, and nonprofits to upgrade their appliances and modernize their buildings, it may not be available forever. President-elect Donald Trump has stated that he'd like to eliminate large portions of the Inflation Reduction Act, which could affect people's ability to benefit from the incentives. So taking advantage of the IRA's rebates and tax credits sooner rather than later could save you thousands of dollars while the window of opportunity is still open.
Here's exactly what the calculator can tell you:
Upfront discounts available
This super user-friendly tool provides information on the different types of incentives available to you — upfront discounts, rebates, and tax credits.
After indicating what you're interested in upgrading, the tool will give you a list of the things you can get discounts on and when they will become available. Some are available immediately.
Possible items on which you can receive upfront discounts include electric and induction stoves, clothes dryers, heat pumps, breaker boxes, and home weatherization, among many others.
Available tax credits
The Incentive Calculator can also tell you which tax credits are available to you based on your income, along with specifics, like when, for what, and how much.
Examples of items for which you could get tax credits include electric vehicles (up to $7,500) or solar panel installation (30%).
If you're interested in the electric vehicle tax incentive, the tool provides information on which vehicles qualify.
Details
Finally, the Incentive Calculator provides a ton of other information regarding the incentives available to you.
The tool explains which electrification upgrades you should consider, details on incentive eligibility, and how to find more information.
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