There has never been a better time to optimize your home’s energy performance. The Inflation Reduction Act (IRA) bill was signed into law in August 2022, and within it are a lot of programs to make it easier—and more affordable—to upgrade your home.
The official White House website contains a lot of information on the IRA and is a great resource if you’re looking to dive into the new programs. We’ve taken a few key points from the law and will break them down for homeowners in DC, Maryland, or Northern Virginia to show how they can benefit.
IRA Tax Credits for Energy Efficient Homes
The new Energy Efficient Home Improvement Credit revised and improved an old tax credit, and will now cover up to 30% of the total cost of qualifying home improvements.
The Energy Efficient Home Improvement Credit has a $1,200 combined annual limit on a list of eligible services including:
Insulation & air sealing services (materials only)
Energy efficient windows & doors (materials only)
With upgrades like these, not only will you save money on your energy bills, but you can expect to live in a more comfortable home! Home Energy Medics can help you navigate through the fine print for this tax credit and make sure that you maximize your savings.
IRA Rebates for Energy Efficient Homes
In addition to the tax credits, the IRA also created two new rebate programs for home improvement upgrades: the Home Owner Managing Energy Savings (HOMES) program and the High-Efficiency Electric Homes Rebate program. Each state will determine when and how they will be distributed to residents; Maryland, Virginia, and DC have not made an official announcement yet. As we all await the release of more details, you can count on Home Energy Medics to pay close attention and keep our customers in the loop.
Upgrade Your Home With Home Energy Medics
Home Energy Medics is a full-service home performance company serving Northern Virginia, Maryland, and DC. Our team of building science experts have multiple certifications from the Building Performance Institute and are ready to help you with making your home energy efficient.
From energy audits, to insulation, air sealing, and windows, Home Energy Medics can help you take advantage of the Inflation Reduction Act of 2022. With our services, you can not only have a more comfortable home with lower energy bills, you can use the many tax credits and rebates available.