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March 30, 2023
Everyone wants a more comfortable, healthy home. A reduction in energy bills is usually welcome, too! But although improvements to your home like air sealing, insulation, and HVAC improvements will pay for themselves over time, the upfront costs can still be difficult to manage.
Fortunately, there are many incentive programs and tax breaks that can help make home performance upgrades a reality for your home. The changes introduced by the Inflation Reduction Act of 2022 mean that homeowners and multifamily building owners have more support for upgrades than ever before.
Understand Your Options
Incentives can take many forms, including tax credits and consumer rebates on equipment and installation. It may be difficult to understand all the different ways that funding might be available to you. Fortunately, Rewiring America has created this calculator to show all tax credit and electrification upgrades funding channels that can support updates to your home. Enter your zip code to start your personalized calculation.
You will not learn about HOMES rebate in the calculator as it is focused on electrification, but HOMES is a very important resource. It is especially focused on air sealing, insulation, and other efficiency improvements, and rebate amounts are substantial. You can learn more about it in our blog post here.
HOMES and many other incentives are especially designed to benefit households with low-to-moderate income. Reducing carbon emissions from less efficient homes while helping families save money is a major goal of the legislation, which will funds incentives through 2031. Check out HUD’s income guidelines to find out if your household will qualify for increased incentives.
Rebates and tax credits don’t hand out cash; they require that homeowners spend directly on upgrades in order to benefit from them. Low-cost financing programs like those available through the National Energy Improvement Fund (NEIF) or other state or utility funded loan programs could help bring projects to a successful conclusion when you don’t have savings prepared.
Database of State Incentives for Renewables & Efficiency (DSIRE)
Each state has many state, local, or utility programs to support homeowners. Depending on where you live, there could be dozens! North Carolina Clean Energy Technology Center has created the DSIRE database for a state-by-state listing of energy efficiency incentives and policies. Browse the database by selecting your state on this interactive map.
ENERGY STAR® is a program of the Environmental Protection Agency that helps consumers lower their energy use. It provides simple, credible, and unbiased information to help consumers and businesses make well-informed decisions on high efficiency ENERGY STAR rated products, from dehumidifiers to washers and everything in between. On their site you’ll find a guide to high performance home products, tips to make your home more comfortable and efficient, and guides to rebates and tax credits.
Weatherization Assistance Programs
The Weatherization Assistance Program is one of the most broadly supported and effective programs in the United States. It reduces energy costs for low-income households by increasing the energy efficiency of their homes, while ensuring health and safety. Once installed, energy-efficient weatherization measures continue to save money and energy so funds can go toward other key living expenses.
Each state and territory has an office that administers the Weatherization Assistance Program. Check here to find your local Weatherization Assistance Program office and learn how to apply.
Your State Energy Office
The IRA’s provisions are being implemented by the State Energy Offices. This is where news about availability of rebates will be announced for your area, so check the link to find your local office. State Energy Offices are also hubs for energy policy for industry and business, so expect to find lots of interesting info on clean energy production, manufacturing, and technological innovation in your area, too.
Your Local Home Performance Expert
BPI Certified Professionals and BPI GoldStar Contractors are not just home performance experts. They also know about incentives and rebates, because they work with them every day. When you’re ready to begin a home performance project your BPI Certified Professional will be an important partner in making sure you get the best deal on your investments. Find one near you now!