More Good News for Saving Energy (and $$$)
Did you know that lower and middle income families will receive even greater incentives under the Inflation Reduction Act? For example, a family of four with a household income of $100,000 can take an upfront discount when they buy and install a new appliance. This discount will be taken right off the bill from the retailer or contractor.
According to RewiringAmerica.org, the following upfront discounts will be available in late 2023:
Heat Pump Air Conditioner/Heater - $8,000
Electric Panel - $4,000
Efficiency Rebates - $4,000
Electric Wiring - $2,500
Heat Pump Water Heater - $1,750
Weatherization - $1,600
Electric/Induction Stove - $840
Heat Pump Clothes Dryer - $840
These tax credits are available now depending on income:
Battery Storage Installation - 30%
Geothermal Heating Installation - 30%
New Electric Vehicle - $7,500
Rooftop Solar Installation - 30%
Used Electric Vehicle - $4,000
Heat Pump Air Conditioner/Heater - $8,000
Electric Panel - $4,000
Efficiency Rebates - $4,000
Electric Wiring - $2,500
Heat Pump Water Heater - $1,750
Weatherization - $1,600
Electric/Induction Stove - $840
Heat Pump Clothes Dryer - $840
These rebates and tax credits can save families thousands of dollars, reduce their energy costs and help reduce our carbon footprint.
Check out the calculator on RewiringAmerica.org to see how much you can save according to your income. You can also watch this video for more information.