If you’ve been holding off on home improvements, a new law signed last year and in effect as of Jan. 1, 2023, may provide a fresh incentive.
The Inflation Reduction Act, or IRA, includes tax credits and rebates for homeowners who make energy-saving updates to their homes. Credits for improvements like new solar panels, windows, doors and air conditioners are available now, while rebates for larger energy-efficient updates are expected to become available later this year or next year.Tax credits for smaller updates The IRA includes tax credits for around-the-house eco-friendly updates.
Make the most of it: Combining projects — like new insulation and a heat pump — can get you up to $3,200, says Kara Saul Rinaldi, president and CEO of the energy and environmental strategy firm AnnDyl Policy Group and an advocate of policies that helped shape the IRA.Plus: If you haven’t filed your taxes yet, here are 11 last-minute tips to help
Make the most of it: The tax credit will reduce the cost of going solar, but if your goal is to lower your utility bill, first determine when you’ll see savings. This often depends on how much you currently pay, says Duane Knickerbocker, owner of Brower Mechanical, a Sacramento-based company that helps homeowners optimize energy use.
Rebates to generate big savings — eventually The “difference makers” in the IRA are two new rebates, Knickerbocker says. One program offers up to $8,000 for lowering the home’s energy use and the other provides up to $14,000 for electrification updates like appliances and breaker box upgrades.
Financing energy-efficient home updates The cost of some home improvements could diminish the IRA tax incentives. Here are ways to supplement financing for your project.
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