You may have heard that Congress recently passed the Inflation Reduction Act (IRA), its largest investment in climate action ever (close to $370 billion). A ton of this cash will be used to help Americans afford home improvements so they can spend less on their energy bills or on gas.
In light of the over-700 page law, the nonprofit Rewiring America has created a handy tool that calculates how much of the $370 billion could be yours.
The IRA Savings Calculator is incredibly easy to use. It can take under a minute to answer its five questions, such as your zip code or whether you rent or own a house to find out exactly how much you could save by improving your home.
Here’s exactly what the calculator can tell you:
Upfront Discounts Available
At the top, the tool provides the total amount of discounts available to you. If you scroll down it will give you a list of the things you can get discounts on and when the discounts will be available. Possible items on which you can receive discounts include electric stoves, clothes dryers, heat pumps, breaker boxes, and home weatherization, among many others.
Available Tax Credits
The IRA Savings Calculator can also tell you have much savings in tax credits is available to you, along with specifics, like what, when, and how much. Examples of items for which you could get tax credits include electric vehicles (up to $7,500) or solar panel installation (30%).
Total Incentives
The big number! Basically, your total incentives number is the amount of cash you could save by adding together the total discounts and tax credits you are eligible for.
Annual bill savings:
Finally, the IRA Savings Calculator estimates how much money you could save on your bills every single year because of the IRA and its benefits.
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