You can now make home energy efficiency upgrades, electrify your home, install clean energy systems (like rooftop solar), and even purchase an electric vehicle with the help of tax credits and rebates. This free money is available now – these programs were made possible by congress through the Inflation Reduction Act (IRA), and if you’ve made qualifying improvements in the past year, you may be able to retroactively apply for credit.
- Energy Efficient Home Improvement Tax Credit: Federal income tax credit of 30%, up to $1,200/year, for installing energy efficient improvements such as: an electric heat pump, insulation, efficient doors and windows, home energy audits and more.
- Residential Clean Energy Tax Credit: Federal income tax credit of 30% for new clean energy systems such as rooftop solar, qualified battery storage, small wind energy, solar water heating and more.
- Home Owner Managing Energy Savings Rebate: This program offers cash back for reducing energy usage through weatherization improvements. Potential projects could include adding insulation or installing more efficient appliances.
- High Efficiency Electric Home Rebate Act: Low-to-medium income families are eligible for increased savings – up to $14,000/year for electrification projects through this Act.
- Clean Vehicle Credit: Thinking about purchasing an Electric Vehicle? The IRA renewed the $7,500 Clean Vehicle Credit for new electric vehicles and added a 30% tax credit (max of $4,000) for used EV’s.
Click here for a helpful resource to determine which tax credits or rebates you qualify for: rewiringamerica.org/app/ira-calculator