If you have in mind to make some renovations to your home, but don’t have enough money, a new law approved in the United States may be the solution or part of it. This is now the case thanks to the Inflation Reduction Act of 2022.
This financial assistance provides more than $8,000 in tax credits or rebates when you make specific energy purchases for your home. Specifically, the support is divided into different updates, including:
1.- solitude
According to EPA.gov, you can save up to 15% on your heating and cooling bill. In some states, refunds of up to $8,000 will be available beginning in the summer of 2023.
2.- Electric stoves
Those who earned 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 equipment such as heat pumps, water heaters or electric clothes dryers also come into play.
3.- pumps and water heaters
For those who make this type of improvement, assistance is given up to $2000 dollars.
4.- Solar panels
Installing solar panels brings benefits to people in the long term, since the normal electric bills will be reduced, however their installation costs are often high. Therefore, by reducing the increase in the law, whoever puts them up to 30% of the total cost can be compensated.
The time to claim this refund can go from 2023 to 2032, according to what the new law dictates. A portion of the money will be given a tax credit. And unless it is extended, those who make improvements of this type in 2033 and 2034 will only be able to claim between 22% and 26% of the total project.
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