Electricity is one of the most costly hikes in the US and it affects everything. If you are looking for ways to lower your electricity bills worry no more because President Biden’s Inflation Reduction Act has big tax savings for energy-efficient improvements around the house.
2023 Biden’s Inflation Reduction Act: Ways To Save Electric Bill, Energy Tax Credits (PHOTO: ElectricityPlans)
Home Energy Tax Credits
Electricity prices aren’t coming down anytime soon in the US and on average American households spend about $117 a month on electricity bills. However, President Biden’s Inflation Reduction Act will help Americans offer Clean Energy Tax Credits for Consumers.
1. Go Renewable
One of the smartest moves in saving money on electricity is by generating your own! Under the Inflation Reduction Act, you can avail of a tax credit for 30 percent of the cost of installing clean energy systems in your home, including solar panels, wind turbines, battery storage, and more.
2. Energy Star Label Appliances To Be Efficient
Energy Star is a labeling initiative designed by the U.S. Department of Energy and the Environmental Protection Agency. To be eligible for the label, appliances must meet or exceed minimum efficiency ratings. There are several ways to save on energy bills around the home by upgrading your appliances. You can find designations on everything from kitchen appliances to water heaters, pool pumps, air conditioners, and certain stoves that qualify for a 30 percent tax credit when you upgrade to newer, more-efficient models. The label should have an annual cost-of-use estimation, which can help you budget realistically, keep your utility bills down and reduce your energy use.
Moreover, Heat pumps are energy-efficient options for home heating and cooling. With a 30 percent tax credit available for a range of heat pump solutions up to $2,000 per year it’s a great time to investigate if this eco-friendly technology is right for your home.
3. Don’t Wait, Insulate
Having air leaks or poor insulation in your home is like watching money literally escape through the cracks. Don’t let it happen to you! That leakage can raise your heating and cooling bills and make your home less comfortable. Instead renovate your home with a 30 percent tax credit on insulation, doors, and windows.
4. Ask a Pro!
Don’t know where to begin? Not a problem! Home energy auditors are here to help. Get a $150 tax credit on a home energy assessment and calm while experts get to work finding opportunities for energy savings in your house!
Who is eligible for tax credits?
Any homeowners, including renters for certain expenditures, who purchase energy and other efficient appliances and products are eligible for Biden’s Inflation Reduction Act for the tax credit.
Lastly, for more information regarding the full list of home energy tax credits here, visit our EnergySaver page for more tips and tricks for slashing your energy use and your bills!
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