If you’re looking to upgrade your home with the help of Uncle Sam, the Inflation Reduction Act includes rebates and tax credits for energy-efficient purchases.
We’re working for you to explain how you can take advantage of these credits by “going green” on your next home improvement project.
During a home renovation, Consumer Reports’ Paul Hope tried to make environmentally conscious choices.
Switching from a gas stove to an electric range was an easy one.
“I’ve always preferred cooking on a gas range but I knew electric and induction ranges had gotten a lot better over the years and that they’re way better for the environment,” Hope said.
With funding from Congress, the Inflation Reduction Act means homeowners can take advantage of up to $14,000 dollars in rebates and tax credits for making energy-efficiency upgrades.
CR said how much you’ll be able to get, will depend on how much you earn, where you live and what improvements you make.
Want to upgrade to a more eco-friendly stove, like Paul’s? A rebate up to $840 could make it within your budget – plus you can receive another $500 to help cover the costs of converting from natural gas or propane to electric.
The largest credits and rebates – as much as $8000 off – are available for heat pumps, a high-efficiency system that heats and cools your home in place of a furnace or boiler and an air conditioner.
“While the upfront cost for a heat pump may be higher, these incentives will definitely help. And over the long term, you might actually save money depending upon where you live and what fuel and electricity cost in your area,” Hope said.
And with rebates for upgrading to more efficient exterior doors, windows, and skylights – CR said you’ll be adding value and warmth to your home.