Take Advantage of IRA & HEEHRA Incentives to Save on Energy Bills
As of Jan. 1, 2023, American homeowners have access to a slew of incentives and tax credits thanks to the Inflation Reduction Act (IRA) of 2022. This landmark act was passed in the United States of America and promises to provide over three hundred ninety-four billion dollars towards the development of solar energy, nuclear power, clean hydrogen, and other sources of zero-carbon electricity.
The IRA includes tax credits and rebates for homeowners who make energy-saving updates to their homes. Credits for solar panels, windows, doors and air conditioners are currently available for those wanting to make improvements, with rebates for larger energy-efficient updates anticipated to become accessible either this year or next. These incentives can help households save money on their energy bills, and may also be used to purchase energy efficient appliances and upgrade insulation.
The High-Efficiency Electric Home Rebate Act (HEEHRA) is another program that provides up to $14,000 per household in point-of-purchase rebates for low- and moderate-income families who are looking to replace fossil-fuel-burning equipment such as oil boilers or gas clothes dryers with more efficient electricity-powered units. Rebates are available to both homeowners and renters, and can be paired with federal energy efficiency and electrification tax credits, some of which became available on January 1.
Conducting a self-assessment is the most straightforward way to identify the shortcomings of a home. The Department of Energy has compiled an extensive guide for inspecting every corner and crevice, as well as offering advice on simple repairs for those who are handy with a screwdriver or caulk gun. Families should reach out to their utility companies to inquire about the services and incentives available for a more comprehensive energy evaluation. Major fixes can cost a lot of money, and both the Inflation Reduction Act and the Biden administration’s $1 trillion infrastructure law include significant new funding for the Department of Energy’s existing Weatherization Assistance Program.
All in all, those who have been holding off on home improvements now have the chance to take advantage of the incentives and tax credits that the Inflation Reduction Act of 2022 and the High-Efficiency Electric Home Rebate Act (HEEHRA) offer. These programs are a great way to help homeowners save money on their energy bills, while also helping the United States become more energy independent.
0. “Inflation Reduction Act of 2022 and Energy Independence | Mint Message” NewsBreak Original, 12 Feb. 2023, https://original.newsbreak.com/@mint-message-1599872/2922862091014-inflation-reduction-act-of-2022-and-energy-independence
1. “How Fresh Tax Credits, Rebates Can Launch Your Eco Home Update” Crossroads Today, 13 Feb. 2023, https://www.crossroadstoday.com/news/money/how-fresh-tax-credits-rebates-can-launch-your-eco-home-update/article_5db19ec8-639e-5bf1-ad98-6c98e76998ed.html
2. “Rebates for home energy upgrades are coming soon. Here's how to plan” Canary Media, 7 Feb. 2023, https://www.canarymedia.com/articles/electrification/rebates-for-home-energy-upgrades-are-coming-soon-heres-how-to-plan
3. “Plan Now For Home Efficiency Federal Rebate Programs” CleanTechnica, 7 Feb. 2023, https://cleantechnica.com/2023/02/07/plan-now-for-home-efficiency-federal-rebate-programs/