Are you looking for ways to lower your electricity bills? Tired of wasting energy on outdated appliances? Curious about how renewable energy could transform your home? Look no further, because President Biden’s Inflation Reduction Act has big tax savings for energy-efficient improvements around the house.
1. Go Renewable
One of the best ways to save money on electricity is by generating your own! Under the Inflation Reduction Act, you can get a tax credit for 30 percent of the cost of installing clean energy systems in your home, including solar panels, wind turbines, battery storage and more.
2. Get Pumped
Heat pumps are rapidly gaining popularity as an energy-efficient option for home heating and cooling. With a 30 percent tax credit available for a range of heat pump solutions — up to $2,000 per year — it’s a great time to investigate if this clean technology is right for your home.
3. Be Efficient
There are lots of ways to save on energy bills around the home by upgrading your appliances. Water heaters, air conditioners, and certain stoves qualify for a 30 percent tax credit when you upgrade to newer, more-efficient models.
4. Don't Wait, Insulate
Having air leaks or poor insulation in your home is like watching money literally escaping through the cracks. Don’t let it happen to you! Weatherize your home with a 30 percent tax credit on insulation, doors, and windows.
5. Ask a Pro!
Don’t know where to begin? Not a problem! Home energy auditors are here to help. Get a $150 tax credit on a home energy assessment and relax while trained professionals get to work finding opportunities for energy savings in your house!