Thanks to the Inflation Reduction Act, homeowners can get paid up to $1,600 to make energy-efficient updates to their home. Discover how you can take advantage of tax credits and rebates while upgrading your home.
The scoop
The Inflation Reduction Act is the U.S. government's largest initiative to combat rising global temperatures and encourage homeowners to make eco-friendly choices when it comes to their home designs.
One way you can take advantage of the IRA is by weatherizing your home, which can save you $1,600, per nonprofit Rewiring America. Weatherization is the term used to describe the process of protecting a home's interior from outside elements, such as moisture, sunlight during the summer, and cold air during the winter. When you weatherize your home, you better insulate your house from leaks, preventing energy waste.
Ways you can weatherize your home include air sealing, ventilation improvements, and insulation upgrades. Air sealing prevents outdoor air from entering your home, while upgrading your ventilation and insulation reduces leaks and potential structural damage down the line. These types of home improvements make your house more energy efficient, as your heating and cooling systems don't have to work overtime to regulate your home's temperature.
To learn more about the different tax incentives you can qualify for under the IRA, check out Rewiring America's free online calculator tool.
How it's working
Weatherizing and electrifying your home are some of the best ways you can save money while also helping the environment, according to the U.S. Department of Energy. After weatherizing your home, you'll cut energy costs by nearly $300 a year — and those savings don't include the hundreds of dollars you'll receive in tax credits.
Switching to energy-efficient appliances and making weatherization upgrades not only prevents energy waste but also decreases the amount of pollution emitted from your home. As you make eco-friendly updates to your home, explore organizations that can help with the process, such as Arcadia and WattBuy.
What people are saying
Policymakers and climate activists are explaining the benefits of the IRA and encouraging Americans to take advantage of it to save money.
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"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," environmental journalist Bill McKibben said during a news briefing.
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