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 allows homeowners a 30% tax credit for some energy-efficient updates, capped at $1,200 per year. There’s also a $2,000 credit for heat pumps, heat pump water heaters and biomass stoves.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.
Any unused credit carries to future years, so if you don’t owe taxes this year, you can use it later., 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.
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