If you're considering making some energy-efficient upgrades to your Winston-Salem, NC, home, now is the right time. Between tax credits, rebates, and lower energy bills, you could potentially save thousands. And that’s before you even consider how much you can save on your utility bills with an energy-efficient HVAC system.
25C Energy Efficient Home Improvement Tax Credit: Saving On Your Taxes
Starting on January 1, 2023, the Inflation Reduction Act (IRA) offers credits for households to make their homes more energy-efficient. Until December 31, 2022, the offer was a $ 500 lifetime credit. But starting January 1, 2023, you can get up to 30% of the total cost of certain qualifying expenses as a credit.
At Blaze Air, we have you covered. Give us a call today at 336-218-9559 to discuss your eligibility and the options explored below.
What Expenses Are Eligible for Tax Credits?
Typically, you can get tax credits for things like the cost of the equipment itself as well as any installation and labor costs. However, remember that these tax credits aren't immediate savings. Instead, they'll factor into your tax credit amount when it's time to file your taxes for the year you have the work done.
Choosing the right equipment is the key to getting the maximum deduction and savings. Contact us at Blaze Air, and we can help you find what you need to enjoy the benefits of tax credits and long-term savings in reduced energy bills.
What is the Home Owner Managing Energy Savings Rebate
The Home Owner Managing Energy Savings (HOMES) rebate program offers a rebate of $4,000 to $8,000 for cutting your energy usage by at least 35%. And the best part? The more energy you save, the bigger the rebate gets.
This program is available to anyone, regardless of income, and it adds value to value as you get money back for spending less money on energy bills in the first place! Low- to moderate-income homeowners can even be eligible for double the rebate amount and up to 80% of project costs, so be sure to ask us.
The IRA rules make most rebates available around the end of 2023. When you talk with us and choose your equipment, we can give you more specifics about this and tax credits. Contact us today to get started.
What is the High-Efficiency Electric Home Rebate Act Rebate?
Households with low to moderate income which install new, energy efficient electric appliances will be offered up to $14,000 per year through the High-Efficiency Electric Home Rebate Act (HEEHRA). The HEEHRA also covers up to 100% of electrification projects. The following chart outlines available rebates.
Make Your Winston-Salem, NC Home Work for You
It’s not often you get big rebates and tax credits on something that will also save you long-term money on your energy bills. The IRA is a great way to get more out of your home, so give us a call at your convenience and we’ll help you get started saving money.
