Have you ever wondered exactly how to earn your money back from rebates for switching to induction stoves? One recent Consumer Reports article reveals precisely what is needed to qualify so that you can collect up to $1,300 after buying a brand-new, high-tech kitchen appliance.
The Inflation Reduction Act helps you save money by rewarding you for purchasing energy-efficient products, from electric vehicles to induction ovens. While some rebates could be given back to you through direct deposit, usually they come as tax credits that you can write off on your annual tax returns.
Irene Nielson, the director of climate funding impact at the Natural Resources Defense Council, told Consumer Reports that "each state will deliver rebate funds, so people should check their state's program for availability and details."
While the incentives have supported the transition to clean energy, they have mostly been responsible for cultivating monetary savings for Americans. One figure from the Biden administration last August suggested that, in 2023, 3.4 million Americans benefited from $8.4 billion in tax credits, "significantly outpacing projections of the popularity of the tax credits in just the first year they were available."
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Ushering in financial savings also comes with the advantages of equipping homeowners with safe, clean energy kitchen appliances. Gas ovens are known to produce harmful toxins within the home, damaging the air quality and putting homeowners at higher health risk. Meanwhile, induction ovens cook faster and are not reliant on gas, meaning you'll get your food quicker and save even more money through slices to your energy bill.
This all comes with about $840 off the cost of induction oven ranges, a figure that can be further boosted when accounting for an additional $500 in savings for converting gas or propane to an electric system.
Understandably, not everyone can afford to fully refurbish their kitchen. Still, rebates exist for cheaper, plug-in induction burners.
While the incentives were originally put in place to run through 2032, the Trump administration has mentioned eliminating the program. Thus, it's important to act now rather than later to reap the rewards.
For those interested in knowing exactly how much they can save, there are free tools that give accurate estimates available through Rewiring America.
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