If you have a project in mind to make some renovations in your home but you do not have enough money, then a new law approved in the United States may be the solution or part of it. This is the reality of today thanks The Inflation Reduction Act of 2022.
This financial aid offers more than $8,000 in tax credits or rebates when you make certain energy improvements in your home. Specifically, the assistance is broken down into different renewals, including:
According to EPA.gov, you can save up to 15% on your heating bill and cooling. In some states, refunds can be as high as $8,000, which will be available starting summer 2023.
2.- Electric stoves
Those who earn less than 150% of the median income for a given area can receive financial assistance of up to $14,000 in compensation if they purchase an electric stove. Other appliances such as heat pumps, water heaters, or even an electric clothes dryer are also included.
3.- Water pumps and heaters
For those people who do this kind of improvement, assistance of up to $2,000 is offered.
4.- Solar panels
Installing solar panels brings long-term benefits to people, as regular electricity bills will be reduced, however, their installation costs are often high. Therefore, through the law of limiting inflation, the beneficiary can get up to 30% of the total costs recovered.
The date for this refund request could run from 2023 to 2032, as mandated by the new law. The money will be given as part of the tax credit. Unless extended, those making improvements of this nature in 2033 and 2034 will only be able to claim between 22% and 26% of the total project.
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