Here's how you can get your share of $8.8B in Inflation Reduction Act home energy rebates
The more people who make energy-efficient changes to their homes, the better — and the United States government couldn't agree more. CNBC reported that rebates created by the Inflation Reduction Act for energy-efficient home upgrades could make their way to many consumers within months.
What is the Inflation Reduction Act?
The IRA was the most significant piece of climate legislation in the history of the U.S. It was signed into law by President Biden in 2022 and allocated $369 billion for policies to fight rising global temperatures.
A big part of this is rebates to homeowners who make energy-efficient upgrades, and $8.8 billion was issued to the states, territories, and tribes. The total rebate funding was divided between two programs: the Home Efficiency Rebates program and the Home Electrification and Appliance Rebates program.
However, because this involves an application process by individual states, homeowners have yet to be able to claim any of the money from the changes made. Excitingly, the U.S. Department of Energy approved the first application for New York for the latter program on April 18, awarding it an initial $158 million, as detailed by CNBC.
Other states are also poised to start receiving the rebates soon.
"I hope that at this time next year we have 50 states with rebate programs," said Kara Saul Rinaldi, CEO and founder of AnnDyl Policy Group.
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Why is the IRA important?
These upgrades are an amazing tool in mitigating Earth's overheating, but up-front costs can be hefty. These rebates aim to partially or fully offset costs for planet-saving home-efficiency upgrades like installing heat pumps, induction stoves, solar panels, and Energy Star-rated appliances.
The need to move away from powering our lives with dirty energy is becoming ever greater, so anything that makes it easier for people from all walks of life to make changes in their homes is needed.
How to get the most out of the IRA
While electrifying your home, vehicle, and appliances is one of the best ways to save money and help the environment, how to get the most out of the rebates can be challenging. When they become available in your state, you'll want to be ready.
Thankfully, Rewiring America has free tools to help people navigate available tax incentives, find contractors, and make upgrading their homes way cheaper.
Cleaner homes mean a cleaner planet, and thanks to tools like this, they can also mean more money in your pocket.
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