You’ve likely heard about the Inflation Reduction Act, which put aside around $269 billion for clean energy projects. If you’re a homeowner, homebuyer, or seller, you probably wonder how this massive bill affects you. We will break this down for you – using these incentives, you’ll save money, reduce environmental impact, and increase your home value.
Many homeowners want to upgrade to a more efficient home but don’t know where to start. This is where The Inflation Reduction Act’s tax credit for energy audits comes in. With this tax credit, you can shave 30% off your energy audit cost with a qualifying inspector. Bringing an energy professional in to assess your home is a great way to pinpoint what you must invest to enhance your home the most.
Some homeowners may need more proper insulation, which can affect heating and cooling costs. As part of the Inflation Reduction Act, the credit equals 30% of certain qualified expenses. Qualified energy efficiency improvements installed during the year include exterior doors, windows, insulation, and air-sealing materials or systems. The Inflation Reduction Act provides various tax incentives for energy efficiency improvements. The tax credit is available annually, can provide up to $1,200 annually, and applies to the cost of insulation and air sealing materials.
Upgrading your current energy system with solar panels, wind turbine systems, or other renewable energy equipment can boost the value of your home – but it’s expensive. You can offset many of these costs under the Inflation Reduction Act’s Residential Clean Energy Tax Credit. It provides a 30% credit to install energy-efficient systems. This credit isn’t capped, so you can still qualify for the 30% tax break no matter how big the project is.
If you’re a homeowner, you may be able to earn a rebate by cutting down on energy consumption. With the Home Owner Managing Energy Savings (HOMES) Rebate Program, homeowners may earn rebates depending on how much their upgrades reduce energy consumption. To qualify for these rebates, homeowners must achieve energy reductions through qualified home renovations. There’s also a 50% total project cap on these rebates.
Now is your time to upgrade your insulation! Anderson Insulation offers various insulation materials – including open-cell and closed-cell spray foam or blown-in cellulose insulation. We service homeowners, contractors, and business owners through Massachusetts, Rhode Island, and New Hampshire. Contact us today to get started.