If you’re planning any improvements to increase the energy efficiency of your house, you may qualify to save a healthy chunk of money on your projects under the Inflation Reduction Act, which was signed into law in August. One of the bill’s primary goals is to combat climate change and slow down global warming. While the new law mainly helps businesses adopt and install more eco-friendly measures and jump-start clean energy production, there are incentives for residential customers to save money while going green!
Homeowners can lower their tax bill even more if they install new smart electrical panels, water heaters, furnaces, air conditioners, and more. That’s because the bill extends and enhances two tax credits that reward energy efficient upgrades to your house. In addition, there are new tax breaks for the purchase of electric vehicles…and a revived tax break for installing EV recharging equipment at home. Low- and moderate-income families may also qualify for rebates if they purchase energy-efficient appliances.
