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Are you looking for ways to reduce your carbon footprint and lower your energy bills at the same time? Good news! With the Inflation Reduction Act (IRA), it’s now easier and more affordable than ever to upgrade your home and make it more environmentally friendly. And the best part? The federal government is likely to pick up some of the tab with new tax credits and rebates. From heat pumps to induction stoves, solar panels to home batteries, there are several options available to help you outfit your dream home. Let’s take a closer look at some of these upgrades and how they can benefit you:
Heat pumps are a highly energy-efficient alternative to traditional furnaces, which are often powered by natural gas. They work by drawing heat from outside and pumping it into your home, or reversing the process for air conditioning. The IRA includes a credit of up to $2,000 for homeowners to purchase heat pumps, which can cost anywhere from $1,500 to over $10,000. Low- and medium-income homeowners may also be eligible for rebates through the IRA for purchasing certain electric appliances, including heat pumps.
Induction Stoves Gas stoves have gotten a bad reputation due to emissions that can harm indoor air quality. Induction ranges, on the other hand, use an electric current and coiled copper wire to provide more efficient and cleaner cooking heat. Although they can be pricey, starting at around $1,000, the IRA offers an $840 rebate for people with qualifying household incomes to purchase an electric range, including induction stoves.
The shift towards electric vehicles is growing, and the IRA continues to Support this trend. The law continues the $7,500 tax credit for electric and hybrid plug-in passenger vehicles, but with some changes. To qualify, vehicles must be assembled in North America, and there are limits on the credit based on income and vehicle price. The law also includes a new credit for sales of used electric vehicles and restores and extends the credit for charging equipment.
Solar panels can significantly reduce your home’s energy bills and reliance on the grid. Although they can be expensive to install, the IRA increases the 26 percent tax credit for solar panels and installation to 30 percent for the next 10 years, after which it gradually decreases before phasing out. The Energy Department estimates that the tax credit will cut the cost of installing rooftop solar by more than $7,500 for an average system. The credit also now covers battery storage systems, which were not previously included.
Radiant Floor Heat
Radiant floor heat uses a system of tubing under or incorporated into the floor of a home to heat up when hot water is circulated. These systems are more efficient than most baseboard or forced-air systems, but can be expensive, costing up to $20 per square foot. However, they are not currently eligible for subsidies under the IRA.
In conclusion, making your home more energy efficient has never been easier or more rewarding. With the IRA, you can reduce your carbon footprint, lower your energy bills, and receive tax breaks and rebates for doing so. So why wait? Start greening your home today and take advantage of these incredible benefits!
Windows and Doors
Windows and doors are two of the most significant sources of heat loss in a house. If you’re looking to upgrade your home’s energy efficiency, you should consider replacing old, leaky windows and doors with high-performance ones that are designed to reduce heat loss in the winter and heat gain in the summer. The IRA includes a tax credit of up to 10% of the cost of installing new windows, doors, and skylights, up to a maximum of $500 for all improvements combined.
Cool roofs are designed to reflect more sunlight and absorb less heat than traditional roofs. This means that they help to reduce a home’s cooling costs in the summer. If you’re looking to reduce your energy bills and reduce your carbon footprint, consider installing a cool roof. The IRA includes a tax credit of up to 10% of the cost of installing a cool roof, up to a maximum of $500 for all improvements combined.
Landscaping can also play a role in reducing a home’s energy consumption. For example, strategically placed trees can provide shade for windows and walls, reducing the amount of heat entering a home in the summer. The IRA does not specifically mention landscaping as a tax credit, but it’s still a great way to reduce your energy consumption.
Whole House Fans Whole house fans are an energy-efficient way to cool a home, as they draw cool air from outside into the home and circulate it throughout the house. They use less energy than traditional air conditioning units, making them a great way to save money on energy bills. The IRA does not specifically mention whole house fans as a tax credit, but they are a great way to reduce your energy consumption.
Take the first step towards a more energy-efficient home by checking with a tax expert, consumer guide, or credible source like the Congressional Research Service or the Bipartisan Policy Center to see what tax benefits and rebates you may be eligible for.
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