You want to save money on utilities by switching to more efficient options, but making those upgrades can be a costly endeavor. Luckily, the Inflation Reduction Act offers tax incentives when you make renovations to cheaper and cleaner energy solutions.
The IRA's law is over 700 pages, so it's not ideal to determine what incentives you can get for your home upgrades. The non-profit Rewiring America has a tool to help you calculate the incentives you can get.
The scoop
Rewiring America's tool, the Incentive Calculator, is quick and easy to use. You just answer a series of seven questions, including your zip code and whether you rent or own. It will then tell you how much you can save on making home improvements.
And you don't just save on making the home improvements. Rewiring America estimates you can save an average of $1,550 per year on utility bills just by installing solar panels.
How it's working
Once you input your information into the Incentive Calculator, it will tell you what tax credits, rebates, and upfront discounts are available to you. Once you've indicated what you want to upgrade, it will provide a list of items you can get discounts on and when they are available.
You could receive upfront discounts on clothes dryers, heat pumps, electric induction stoves, home weatherization, breaker boxes, and more.
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The tool tells you what tax credits you are eligible for based on your income. For example, you could receive up to $7,500 for an electric vehicle purchase or save 30% on solar panel installation.
What people are saying
CEO and Rewiring America cofounder Ari Matusiak said, "Not only are these tax credits good for the planet, they are good for the pocketbooks of the millions of Americans who found out about the money in their electric bank accounts from the IRA through tools like Rewiring America's incentive calculator."
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People are excited about this tool, and one commented, "The IRA, with heavy support from Rewiring America, is making it easier for people to do the right thing. Most people want to make green choices. … Let's keep finding ways to make the right choice the easy choice."
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