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How much the Inflation Reduction Act’s clean energy incentives will save homeowners on upgrades

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Photo by Jacques Bopp on Unsplash

Written by Elena Cox as published in Stacker – click here for the full article.

While retrofitting your home with the most energy-efficient appliances may seem like an expensive investment, a new program from the Biden administration will curb the cost for many homeowners who decide to take the plunge.

The Inflation Reduction Act, passed in August 2022, offers rebates and tax incentives for homeowners who upgrade their homes to reduce carbon emissions. Homes generate about 20% of greenhouse gas emissions in the United States, though that figure varies by state. The High-Efficiency Electric Home Rebate Act (HEEHRA) is the first federal program implemented to combat climate change, which will lower home energy costs, create healthier indoor air quality, and reduce carbon emissions.

The voluntary HEEHRA program will cover 100% of electrification project costs up to $14,000 for low-income households and 50% of costs for moderate-income households, including purchase and installation expenses. In the long run, these retrofits could save Americans $37 billion a year on energy bills, according to an analysis from the clean-energy nonprofit Rocky Mountain Institute.

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