As the year comes to a close, now is the time to act on upgrading home appliances like your kitchen stove.
Government incentives under the Inflation Reduction Act are still available to help cover the cost of a replacement, as outlined by the U.S. Department of Energy. However, many of these programs close at the end of 2025, so you need to act fast if you don't want to miss your chance.
If you are considering a stove upgrade, there's no better option than an induction cooktop.
Induction uses electricity to generate a magnetic field that heats up only the correct type of metal pans — not the stovetop itself or anything else you set on it that isn't made of magnetic metal. This helps minimize burns, in addition to avoiding the fumes from a gas stove. On top of all that, induction stoves heat up faster and boil water faster!
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If you're interested in induction, you can get up to $840 off the cost of installing a new range. If it's still outside your price range or you want to try cooking with induction before you commit, you can get an affordable countertop burner, which start as low as $50.
If you do decide to install a full-sized induction stove, the Department of Energy has explained how to claim your rebate for the purchase.
First, check that the appliance you have selected qualifies for the program. If you make any upgrades to support the installation that are eligible for tax credits under the Inflation Reduction Act, make sure the installation is completed before the applicable period ends. Then, when filing your taxes for this year, use IRS Form 5695 to claim your tax credit.
Assuming you followed the guidelines, that amount will be subtracted from your taxes, so you will either owe a smaller amount or receive a larger refund — and in the meantime, you can enjoy the lower bills every time you cook.
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