Did you know that the Inflation Reduction Act offers thousands of dollars for Americans to upgrade their homes? This includes up to $600 per year toward energy-efficient skylights, and up to $500 per year for two doors. The end of the year is rapidly approaching, so you'll need to get shopping fast in order to qualify.
The rebates don't end there, either. You can get up to $2,000 per year for qualified heat pumps, biomass stoves, or biomass boilers. Rebates also extend to electric stoves, particularly induction stoves. Qualified low-income households can even get up to $8,000. Journalist Bill McKibben described the rebates well when the IRA was announced:
"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."
Should the government continue to give tax incentives for energy-efficient home upgrades?
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On that note, you may need some help getting started with these rebates. There's plenty of information in our IRA tax break and credit guide. Take a look at TCD's weatherization starter's guide to figure out what upgrades your home could use, or you can go ahead and start applying for IRA rebates now.
Sure, there's always next year to take advantage of these opportunities, but President-elect Donald Trump is likely to try to claw back large parts of the IRA, including these rebates, although any change would require an act of Congress. Your best bet? Get your purchases in now, or risk missing out on thousands of dollars in credits.
Getting these upgrades will save you a few bucks on your annual home energy costs. You'll also be helping the environment.
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If you're on gas heating, higher efficiency means fewer emissions from burning. With an electric system, that's less pollution from power generation elsewhere on the grid. Less energy usage makes green sources like solar and wind more viable, too.
There's a lot of winning all around with a program like this. Take advantage of it while you can.
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