[ad_1]
A few states have introduced rebates for homeowners who make their homes more energy-efficient, following New York’s lead in May. South Dakota, however, has opted out of the federal funding tied to two new programs established by the Inflation Reduction Act, a climate law enacted in 2022. The IRA has allocated $8.8 billion for consumers through two Home Energy Rebates programs, providing up to $8,000 for Home Efficiency Rebates and up to $14,000 for Home Electrification and Appliance Rebates. These rebate programs aim to help offset the cost of making homes more energy-efficient, ultimately reducing utility bills and carbon emissions.
Numerous states, including Arizona, Maine, New Mexico, Rhode Island, and Wisconsin, have already launched rebate programs, with more states and Washington, D.C., either applying or receiving approval for funding. Each state has its own timeline and rules for eligibility based on factors like household income and energy reduction goals. Florida initially declined federal funds for the rebate program but has since reversed course and is now preparing to implement the program in late 2024.
Consumers can access rebates at the point of sale when purchasing energy-efficient appliances or completing efficiency projects with qualified contractors. States are implementing their programs in varying phases, such as New Mexico offering rebates for insulation and other energy-saving upgrades. Residents are encouraged to check their state energy department’s website for specific program details and eligibility requirements. Additionally, households should consider other federal programs like tax credits and the Weatherization Assistance Program if their state has not yet launched a rebate program.
[ad_2]
Inflation-reduction-act-energy-rebates.html”>SOURCE
Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.