If you are looking for a sign to start a home renovation, this might be the best one: President Joe Biden wants to pay you to upgrade your house.
The Inflation Reduction Act (IRA) offers up to $14,000 in tax rebates and credits that can save you thousands on your home’s next facelift. The only catch is that the upgrades need to reduce your climate footprint.
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Many of the IRA energy efficiency incentives increased in 2023. Home improvements cost an average of $6,721. It could be a financially savvy move to use IRA tax credits and rebates to offset this major cost.
Here’s how you can take advantage of home energy incentives so you can both save now and reap the rewards later.
17% of pollants want to renovate their home to make it more energy efficient, according to a recent Moneywise survey. But how do you even begin to do that?
Biden offers a $150 tax credit for an inspector to conduct a home energy audit to help you figure that out. Homeowners can receive up to $8,000 in rebates to purchase energy-efficient appliances, depending on your income.
Low- and moderate-income families can even receive rebates to cover the entire cost of installing electric appliances, such as heat pump water heaters or clothes dryers.
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Extreme weather will continue to affect the U.S. As the temperatures ping-pong from hot to cold, installing more energy-efficient insulation can save you up to 20% on your gas bill. And Biden can help you out with the initial costs.
Families can receive a 30% tax credit for energy-efficient insulation. This includes a $1,200 credit for “adding insulation or installing efficient windows and doors” and a $2,000 special credit to buy “electric heat pumps that provide super-efficient heating and cooling.”
States also offer up to $8,000 in rebates for low- and moderate-income households to purchase and install heat pumps. These families can also receive up to $4,000 in rebates for electric upgrades to integrate the new heat pump.
Forbes recently reported that solar panels and their installation typically cost between $6,600 and $22,800.
The IRA offers a 30% tax credit on rooftop solar panel installation between 2022 and 2032. This can reduce your costs to anywhere from $4,620 to $15,960. State incentives may exist to offset even more of the cost.
Zillow discovered that a home with solar panels has a 4.1% higher resale value than a non-energy efficient home, translating into an extra $9,274 for your wallet. If you’re planning to sell your house to help finance your retirement, solar panels might help increase that nest egg.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.