This law gives American families $8.8 billion to upgrade their homes – see how much you can raise

Upgrading your home is a costly endeavor. That can keep you from making improvements that will save you money in the long run. Fortunately, a law passed in 2022 will give you the incentives you need to upgrade your home.

The Biden administration has approved the deal Inflation Reduction Act to help Americans transition easily electric vehicles and upgrade their homes with it solar panels.

According to the US Department of the Treasurythe IRA has donated $8.8 billion to various US Departments of Energy (DOE) Home energy Rebate programs to help homeowners and renters.

How much money do you plan to spend on home improvement projects this year?

Less than $1K

$1,000 to $5,000

$5,000 to $10,000

Over $10,000

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For example, the Home Efficiency Rebates (HOMES) program helps with energy-saving installations throughout the home. Additionally, the Home Electrification and Appliances Rebates (HEAR) program helps renters and homeowners transition to electric appliances.

There is $8,000 available to you through the Home Efficiency Rebates program, and $14,000 in tax credits and rebates is available through the Home Electrification and Appliance Rebates program to help you green house.

It can be difficult to figure out how much you can get out of these programs. However, Rewiring America has a savings calculator to help you determine what upfront savings and tax benefits and incentives are available. All you have to do is answer seven questions and wait less than a minute to see what you can get.

According to the US Department of EnergyThere are several reasons to electrify your home. For example, your overall electric bill will decrease over time. In addition, electrification technologies are switching to replace dirty energy will reduce pollution from toxic gases. Electrification technologies also support grid flexibility, allowing utilities to switch between energy sources and avoid purchasing expensive energy during peak hours.

Ari Matusiak, CEO and co-founder of Rewiring America, said. “Two years after the passage of this groundbreaking law, the revenues are in: the Inflation Reduction Act is working and helping Americans save on their energy bills.”

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