New York has become the first state to receive money from the federal government that will allow it to offer big bucks to homeowners for making eco-friendly upgrades.
As reported by CNBC, the federal government issued $8.8 billion via the Inflation Reduction Act to states, territories, and tribes to offset the costs to homeowners for energy-efficiency projects. The total rebate funding was divided between two programs: the Home Efficiency Rebates program and the Home Electrification and Appliance Rebates program.
Starting at the end of May, New York made up to $14,000 of federal funds available to low-income households. When combined with a state program called EmPower+ that offers up to $10,000 per low-income household, consumers can get up to $24,000 in total rebates for energy-efficient upgrades, CNBC detailed.
New York's first set of rebates is part of the Home Electrification and Appliance Rebates program. Qualifying purchases include air sealing, insulation and ventilation, electrical service upgrades (panel boxes), electrical wiring upgrades, heat pump water heaters, and heat pumps.
Kara Saul Rinaldi, CEO and founder of AnnDyl Policy Group, a consulting firm focused on climate and energy policy, said the launch "is a milestone."
"Over the next year we'll be seeing these programs roll out across America," she said.
These rebates are good news for pocketbooks and the planet.
The more homes running on clean energy, the cleaner and cooler the planet will be. While electrifying your home, vehicle, and appliances is one of the best ways to save money and help the environment, knowing how to get the most out of the rebates can be challenging.
Even if you don't live in New York or qualify for every aspect of these programs, you can still find rebates in the IRA that work for you and your household.
Ready to change but don't know how to get started? The nonprofit website Rewiring America has free tools to help people navigate available tax incentives, find contractors, and make upgrading their homes way cheaper.
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