How the Inflation Reduction Act Can Help Homeowners
If you are not happy with some of the features in your home or need energy upgrades, then research the Inflation Reduction Act for ways to save. You will need to look at what you need to do to save on energy bills. For instance, do you want solar on your home to save on utilities? Or perhaps you wish to better insulate your home to address heating and cooling? One big reason people make a change recently is to secure a tax credit or rebate on their home upgrades. Depending on your needs, changing the electrical systems, water pumps, or appliances in your home may be wise. In this week’s blog post, learn how to save money through the Inflation Reduction Act from mortgage experts in Conyers, GA, at Preferred Capital Funding.
Two Types of Rebate Programs
According to the National Resources Defense League, the Inflation Reduction Act benefits homeowners through two tax rebate programs that have deadlines into 2031. The goals of the National Resources Defense League are to reduce carbon pollution and to advance clean energy. This is also one main goal of the Inflation Reduction Act. The Act also helps homeowners save on utilities when used appropriately.
The HOMES Rebate Program
This program will provide $4 Billion to states to aid homeowners in making their house more energy efficient. If you make home upgrades that save on energy usage by up to 35% then you may be eligible for up to $4000 in tax rebates. This amount is doubled for low to moderate income homeowners, per CBS News.
The High-Efficiency Electric Home Rebate Act (HEEHRA)
The High-Efficiency Electric Home Rebate Act (HEEHRA) was made to provide tax rebates specifically to low- and middle-income families. Homeowners may use the rebate to improve on home utility needs. For instance, they can install heat pumps or electric, energy-saving appliances like clothes dryers. The maximum rebate a homeowner can get is up to $14,000. People are not permitted to apply more than once for the same upgrade. So, if you plan to use the HEEHRA to make an eligible upgrade, you cannot also use the HOMES Rebate Program.
Help with the Up-Front Costs of Upgrading Your Home
Our team at Preferred Capital Funding knows there can be a lot of up-front expenses when upgrading your home. Such costs may not be fully covered by these new rebate programs. We are here to help if you want assistance financing the expenses needed to maximize energy efficiency. It’s a great time if you want to improve the quality and value of your home. If you are uncertain about how you can benefit from the Inflation Reduction Act rebates, our team can help address questions. Contact Preferred Capital Funding in Conyers, Georgia to schedule a consultation or get a free quote for financing.
