Source: Electrek

Excerpt:

The Inflation Reduction Act (IRA) is a “free electric bank account with your name on it.” It’s packed with rebates and tax credits that will help Americans purchase everything from EVs to solar and electrical appliances to heat pumps. Check out this easy-to-use IRA savings calculator from Rewiring America that tells you what you get – and when.

On July 27, 2023, the US Department of Energy (DOE) rolled out guidelines for states, territories, and the District of Columbia to apply for their share of $8.5 billion in electrification and energy efficiency rebates provided by the IRA. That funding is going to save consumers a lot of money on home improvements and electricity bills.

Rebates include home electrification and appliance rebates that will act as immediate discounts at the point of sale for low- and moderate-income households when making qualifying electrification purchases.

There’s also the home efficiency rebates program that rewards modeled energy savings of at least 20% or measured energy savings of at least 15%. So, if you save a specific amount of energy and have receipts, then you get a rebate. It’s not income-capped, but at least half of the program’s funding will go to low-income households.

Read more: Here’s how much money you’ll get with the Inflation Reduction Act