Upgrading your home is an expensive endeavor. That can make you shy away from making improvements that will save you money in the long run. Luckily, a law passed in 2022 will give you the incentives you need to upgrade your home.
The Biden administration passed the Inflation Reduction Act to help Americans easily switch to electric vehicles and upgrade their homes with solar panels.
According to the U.S. Department of Treasury, the IRA directed $8.8 billion to several U.S. Department of Energy's (DOE) Home Energy Rebate programs to help homeowners and renters.
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For instance, the Home Efficiency Rebates (HOMES) program assists with whole-house energy-saving installations. Additionally, the Home Electrification and Appliances Rebates (HEAR) program helps renters and homeowners transition to electric appliances.
$8,000 is available for you through the Home Efficiency Rebates program, and $14,000 in tax incentives and rebates are available through the Home Electrification and Appliance Rebates program to help make your green home.
Finding out how much you can get from these programs can be tricky. However, Rewiring America has a savings calculator to assist you in determining what upfront savings and tax rebates and incentives are available. All you have to do is answer seven questions and wait less than a minute to see what you can get.
According to the U.S. Department of Energy, several reasons exist to electrify your home. For example, your overall electric bill will decrease over time. Additionally, switching to electrification technologies that replace dirty energy will lower toxic gas pollution. Electrification technologies also support grid flexibility, which allows utility companies to switch between energy sources and not purchase expensive energy during peak times.
Ari Matusiak, CEO and co-founder of Rewiring America, said. "Two years after the passage of this landmark law the receipts are in: the Inflation Reduction Act is working and helping Americans save on their energy bills."
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