How the Inflation Reduction Act Rebates Work & How Most People Can Qualify
December 6, 2022
In August of this year, the largest federal legislation addressing climate change ever was signed into law by President Joe Biden.
The Inflation Reduction Act, or the IRA, will invest $369 billion in clean energy sources, as well as technologies that help with energy efficiency. Part of this investment could help you directly, too! Keep reading for more information on the significant rebates and tax incentives you could take advantage of as a homeowner.
IRA Rebates You Could Qualify For
There are IRA rebates available for a number of home upgrades, including your heat pump, stove, dryer, and even your car. In pretty much every area of your home, there’s an appliance you could upgrade and receive IRA rebates for!
The IRA provides rebates that could cover up to 100% of the cost of both purchasing and installing an electric heat pump dryer. They’re much more energy efficient, and will save you money with every load.
An electric stove is another upgrade that the IRA could cover the entire cost of. This can also apply to cooktops, ranges, ovens, and more. Not only will this upgrade improve energy efficiency: It will also improve your home’s indoor air quality.
Your Doors & Windows
This one isn’t quite so technical, but just as important—properly sealing your doors and windows will go a long way in keeping your house warm in the winter and cool in the summer. The IRA can even cover the cost of an inspection by a home energy expert, so they can tell you exactly where the problems are.
Your Heat Pump
Heat pumps save space, save money, lower utility bills, improve air quality, and produce less noise than traditional heating appliances like furnaces. This is a great upgrade option for low-income households because the IRA rebates are significant—you could even get a new heat pump for free.
How to Qualify
The great news about the Inflation Reduction Act is that most homes will qualify in some way. The more relevant question is how much of a rebate you qualify for. This will depend on a number of factors, including your household income and how it relates to your area’s median income, the specific upgrades you’re planning to make, and whether you plan on making those upgrades before the year’s end or after.
Commit to an Energy Efficient Home with Shipshape
One of the easiest and most effective ways to ensure your home is as energy efficient as possible is to make sure everything’s running like it should! Your appliances could be wasting tons of energy every month, and you’d have no idea.
Thankfully, there’s a tool for that: Shipshape. With Shipshape, you can monitor all of your home’s major appliances directly from an app on your phone. You’ll be able to see scores for their reliability, efficiency, and longevity. Wouldn’t it be nice to know your heating unit was about to go out—before it goes out? Take the first step toward a more energy-efficient home today. Get in touch with Shipshape.