Although many eco-friendly federal tax credits and rebates will be ending soon, those who want to upgrade to promising new technology in their kitchen will still be able to lock in significant savings.
Billions of dollars remain available for energy-efficient home upgrades under a pair of rebate programs launched under the Inflation Reduction Act.
As Utility Dive observed, a dozen states, plus Washington, D.C., have launched their rebate programs, and every state except South Dakota has applied for funding for these rebates.
The programs fall under the Home Owner Managing Energy Savings Act, otherwise known as HOMES, and the Home Electrification and Appliance Rebates, or HEAR.
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Depending on their income eligibility and the scope of their upgrades, homeowners may be able to use either program to help offset the costs of a new induction stove.
Induction cooktops eliminate the health risks posed by gas stoves and their toxic fumes. They are also more energy efficient and boil water faster than electric or gas stoves.
Because induction cooktops create a current that transfers heat directly to cookware, the surface of the appliance cools down much faster, making induction safer and easier to clean than other stoves.
HOMES offers $4.3 billion in funding for "whole-house energy saving retrofits" that reach at least 15% in energy savings. Depending on the project, energy savings, and income level, households could save up to $8,000 on their home-improvements.
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HEAR offers $4.5 billion for specific upgrades, such as new appliances, insulation, or electric wiring. Each project has a maximum allowed rebate, with a combined maximum total of $14,000. For an induction stove, buyers can save up to $840.
Many other programs that could save homebuyers money on eco-friendly upgrades, such as the tax credits for electric vehicles and solar panels, will expire this year. But David Terry, president of the National Association of State Energy Officials, told Utility Dive that he is "optimistic at this point" that all of the funds allocated for HOMES and HEAR will still be paid out.
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Energy savings 💰 Even if buying a new induction stove isn't within your budget or it's not possible because of your living situation, you can still take advantage of this remarkable technology.
Plug-in burners are perfect for renters or those who want to test-drive induction. Starting at just $50 or so, they are relatively inexpensive.
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