As a homeowner, you must be ready at a moment's notice to handle significant home issues, including total HVAC system replacement and plumbing or electrical emergencies. No one likes to carve out extra space in their budget to handle these necessities. The good news is that replacing HVAC units and water heaters and installing heat pumps and new electrical boxes can be a much more affordable experience thanks to Inflation Reduction Act tax credits, rebates, and incentives.
How You Can Benefit from the Inflation Reduction Act Tax Credits
Saving Money on Electrical, Plumbing, and HVAC Services
Is your home older than 25, and if so, does it still have its original wiring? If you can answer yes to that question, your home isn't operating as efficiently as it should be, and even worse, you could be at risk of specific safety hazards, like a home fire. If your HVAC unit is old, outdated, or has significant issues, a new system installation may be in your future.
If your water heater uses extra energy and water just to function correctly, it's probably not an energy-efficient model costing you more than it should in monthly energy and water bills. Changing your electrical panel, replacing your water heater or installing a heat pump water heater, and installing a new HVAC unit are all home updates that can feel overwhelming, not to mention financially burdensome.
How the IRA Saves You Money on Home Upgrades
The IRA provides homeowners with tax credits, rebates, and incentives for making these changes to improve the efficiency of their homes. With these changes, you'll be handed money to make upgrades that will reduce your energy and water bills, and with a new HVAC unit, improve your home's indoor air quality, which will, by default, support your health. With these incentives, these upgrades will no longer feel like a financial burden.
The HEEHRA Rebate
The HEEHRA rebate, also known as the High-Efficiency Electric Home Rebate, provides up to $14,000 to low and middle-income homeowners who make eligible energy-efficient upgrades. Built within this rebate are 100% of the costs of professional electrical services, equipment, and installation for low-income and 50% for middle-income homeowners.
The HOMES Rebate
The HOMES Rebate provides homeowners with rebates incentivizing them to make energy-efficient changes that significantly reduce total energy output. While homeowners in all tax brackets can save money with the HOMES rebate, low and middle-income homeowners are eligible for the highest rebates. Cash back rebates range from a total of $2000 to $8000.
The Energy Efficient Home Improvement Tax Credit
The IRA also includes the Energy Efficient Home Improvement Tax Credit, which allows homeowners to deduct up to 30% of their energy-efficient upgrades for a maximum rebate of $3200. To qualify, these upgrades must adhere to the Consortium For Energy Efficiency and Energy Star requirements.
If you're ready to make some home upgrades that will improve your home, save you money on installation and services, and improve your home's efficiency, we can help. We will give you more details about the IRA, answer any questions, and help you take advantage of all the incentives, rebates, and tax credits. Contact us today at Blaze Air to learn more about the IRA and our quality HVAC, plumbing, and electrical services you can trust.