An incredible free tool from Rewiring America is helping Americans discover the money they can claim to upgrade their homes as part of the Inflation Reduction Act.
The scoop
The Inflation Reduction Act was passed in 2022, making huge tax credits and rebates available to help Americans upgrade their homes. Making use of these incentives can help you electrify your home, car, and appliances and save money on energy bills.
As previously reported by The Cool Down, these tax credits and rebates include making $8,000 available for improving home efficiency and a further $1,600 for weatherizing your home.
🗣️ How much money do you plan to spend on home improvement projects this year?
🔘 Under $1K 😎
🔘 $1K to $5K 💵
🔘 $5K to $10K 💰
🔘 Over $10K 🤑
🗳️ Click your choice to see results and speak your mind
However, figuring out how to access them can be tricky. Fortunately, Rewiring America has produced an "IRA Savings Calculator" tool that can help you determine exactly how much you can save and how to do it. This organization can also help you find contractors and make upgrading your home way cheaper.
Those interested in using the tool may need to act sooner rather than later, though, as the future of the IRA is in some doubt. President-elect Donald Trump said he plans to "rescind all unspent funds" from the IRA, so while that would need approval from Congress and it's too early to predict any possible end date, the window for these benefits could close as soon as next year.
How it's working
People are able to access the savings to make a number of upgrades to their home. Rebates available include up to $840 for an electric stove or induction cooktop, tax credits for electric vehicles (up to $7,500) and savings on solar installation (30% of the price).
The reduction in the use of harmful, polluting fuels benefits our health and the health of the environment. Burning traditional fuels like coal and gas produces heat-trapping gases that cause the planet to warm up. The pollution is also contributing to a number of health issues in humans, including respiratory diseases, cancers, and cardiovascular problems.
What people are saying
Experts have praised the IRA's potential to help residents across the United States reduce pollution and their energy bills.
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"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," Bill McKibben, a leading environmental journalist, said during a press briefing.
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