There are a variety of home improvements that can save you money and help the environment if you can make an initial investment. Now the federal government is helping you pay for those costs and helping you make financially smart and environmentally friendly renovations.
The shovel
The Inflation Reduction Act, passed in 2022, looks at America’s finances and the environment from many angles. One of those angles? Putting money back in the pockets of Americans who electrify their homes or make other green improvements.
Environmental activist Bill McKibben spoke in favor of the bill during a press conference. “Essentially, the IRA creates an $8,000 bank account for every American household … if people can figure out how to access it and use it,” he said.
However, you can earn significantly more than $8,000 depending on the projects you take on.
How it works
To find out what options are available, you can use tools like the nonprofit Rewiring America’s Home Electrification Incentive Calculator. All you have to do is enter some basic information about your location and household, and Rewiring America will give you a list of financial incentives you’re eligible for. This will allow you to apply for rebates and tax credits for the largest number of projects and get help navigating the incentive process.
Among the best options is electrifying your home, car and appliances. Switching from gas to electricity and choosing energy-efficient electrical appliances will not only prevent toxic, heat-trapping air pollution in your home, but it will also lower your monthly bills.
You may also have other options available to you, such as winterizing your home and installing insulated windows, all of which will reduce your home’s energy consumption and pollution.
What our users say
McKibben had high praise for the many clean technologies this law could bring into average American households.
“The good news is that these technologies are better than the ones they replace,” he said. “Your magnetic induction hob is better than the gas flame you cook on, cheaper and won’t give your kids asthma. The heat pump is an elegant replacement for the oven and cheaper to run in the long run.”
Subscribe to our free newsletter for simple tips on save more And waste lessand don’t miss this cool list of simple ways you can help yourself and the planet at the same time.
