This new government program is like an '$8,000 bank account' for improving your home — here's how you can access it
There are a wide range of home upgrades that can save you money and protect the environment if you can make an initial investment. Now, the federal government will help foot that bill and help you make financially smart and eco-friendly renovations.
The scoop
The Inflation Reduction Act, passed in 2022, addresses America's finances and its environment from many angles. One of those angles? Putting money back into the pockets of Americans who electrify their homes or make other eco-friendly upgrades.
Environmental activist Bill McKibben spoke up in support of the act during a press briefing. "In essence, the IRA creates an $8,000 bank account for every American household … if people figure out how to access it and use it," he said.
However, you can get much more than $8,000 depending on which projects you take on.
How it works
To figure out what options are available, you can utilize tools like the nonprofit Rewiring America's household electrification incentives calculator. All you need to do is input some basic information about your location and household, and Rewiring America will return a list of financial incentives for which you qualify. That way, you can claim rebates and tax credits for the largest number of projects, as well as get help navigating the incentive process.
Some of the best options include electrifying your home, car, and appliances. Switching from gas to electric and choosing energy-efficient electric appliances not only prevents toxic, heat-trapping air pollution in your home; it also reduces your monthly bills.
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You may also find other options like winterizing your home and adding insulated windows, all of which lower your home's energy consumption and pollution.
What people are saying
McKibben was full of praise for the many clean technologies this act could place in the average American home.
"The good news is that these technologies are better than the ones that they replace," he said. "Your magnetic induction cooktop is better than the gas flame that you cook on, cheaper, and it doesn't give your kids asthma. The heat pump is an elegant replacement for the furnace and cheaper to use in the long run."
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This new government program is like an '$8,000 bank account' for improving your home — here's how you can access it first appeared on The Cool Down.
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