Planning a home renovation can be stressful. There's the research, the scheduling, the endless logistics and of course the budgeting. While the cost of many home renovations is high, there is hope for your bank account. That's because the government may give you money if you make climate-friendly home upgrades. And it’s all thanks to the Inflation Reduction Act.
The Inflation Reduction Act is a 2022 law that represents Congress' largest clean energy and climate action to date, providing nearly $370 billion for environmental initiatives. And some of that money can go straight into your pocket when you renovate your home in an environmentally conscious way.
The IRA offers significant discounts on a variety of energy-efficient home improvements, including installing solar panels, improving attic insulation, upgrading to new windows, and even switching to eco-friendly appliances like washers, dryers, and ovens. If you make qualifying home efficiency updates, this can total up to $8,000 under the Home Efficiency Rebates program.
Although navigating the fine print of legislation is complicated, there is a free online tool that makes claiming these IRA incentives easier. Rewiring America, an electrification nonprofit, has a free online savings calculator to help you determine available tax incentives and rebates.
With Rewiring America, all you have to do is answer seven questions and wait less than a minute to see what savings you can claim. It really is that simple.
Prioritizing the environment when renovating your home is critical to the future health of our planet. By switching to electric appliances, installing solar panels, upgrading your heating and cooling, and other environmentally conscious home upgrades, you can save thousands of dollars while reducing your use of expensive gas, coal, and other polluting fuels. Polluting, dirty energy sources such as gas and coal, which the country has historically relied on for energy, are having detrimental effects on the environment and public health, the Natural Resources Defense Council said.
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But rebates for climate-friendly home upgrades may not be available forever. President-elect Donald Trump has said he hopes to eliminate large parts of the IRA, which could limit or eliminate government incentives for home renovations. However, major changes to the IRA would ultimately require an act of Congress. With such an uncertain future, taking advantage of IRA incentives could potentially save thousands sooner rather than later.
To see if you're eligible for IRA discounts and credits—and how much you can save—visit Rewiring America's Incentive Calculator for complete and customized recommendations.
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