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Are you in the market for an energy-efficient appliance? Rebates funded by a new federal law could help save you money.
New energy-efficient rebate programs are aimed at helping low- and middle-income Americans go green by giving discounts on things like electric stoves, heat pumps and ventilation upgrades.
These rebates are funded through the Inflation Reduction Act, a sweeping piece of legislation aimed at combating climate change signed into law Aug. 16.
Details of the rebate roll out are still murky, but here’s what you need to know.
What Appliances and Upgrades Qualify for a Rebate?
Numerous rebates on energy-efficient appliances are available through the Inflation Reduction Act.
The law provides $4.5 billion in funding for these rebates, and outlines specific amounts homeowners can qualify for.
Here’s a roundup of appliance and equipment rebates. You could get up to:
- $840 for an electric stove, cooktop, range or oven. An electric heat pump clothes dryer also qualifies.
- $1,750 for a heat pump water heater.
- $8,000 for a heat pump for space heating or cooling.
The act doesn’t lay out any high-efficiency requirements for these rebates beyond the minimum standards required by the US Department of Energy.
There are rebates for home upgrades too. You could get up to:
- $1,600 for insulation, air sealing and ventilation.
- $2,500 for electric wiring.
- $4,000 for an electric load service center upgrade.
Another Rebate If You Lower Your Home’s Overall Energy Usage
Aside from the appliance-specific rebates mentioned above, you can qualify for a rebate by completing a more holistic energy improvement project.
Specifically:
- You can qualify for up to $8,000 in rebates or 80% of the project cost, whichever is less, for energy-efficient retrofit projects that reduce your home’s energy usage by 35% or more.
- You can qualify for up to $4,000 in rebates or 80% of the project cost, whichever is less, for retrofit projects that reduce your home’s…
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