In 2022, the federal government passed the Inflation Reduction Act. This act provides federal income tax credits for energy efficiency home improvements through 2023. As a homeowner, you can take advantage of these tax credits and save money in the process. ENERGY STAR certified products are eligible for this tax credit.Combined with your local City Utility rebates you can really cash in on the savings. So let's break down how you can use them to upgrade your home and save money.
What Is ENERGY STAR?
ENERGY STAR is an independent certification program that verifies that products meet strict energy-efficiency guidelines set by the U.S. Environmental Protection Agency (EPA). Products with an ENERGY STAR label have been independently tested and certified to be energy efficient—saving you money on your energy bill each month. When you choose ENERGY STAR products for your home, you are making an investment in both your pocketbook and in a cleaner future.
What Home Improvements Are Eligible for the Tax Credit?
The Inflation Reduction Act covers most of the six elements of an ENERGY STAR Home Upgrade, including insulation, air sealing, windows and doors, heating/cooling systems, water heaters, and lighting upgrades. Depending on the product installed you could receive up to $2,000 in tax credits on qualifying purchases if you install one of these items in your home in 2023. Note that there may be other restrictions depending on what state or municipality you live in; at SS&B Heating & Cooling we’re standing by to help walk you through the process.
How Can I Take Advantage of This Tax Credit?
If you’re interested in taking advantage of this tax credit, you can click here see which ENERGY STAR products are eligible for a tax credit. Once you’ve chosen a product or two that you’re interested in just give us a call for complete estimate and walk through. We’ll walk you through the process of purchasing and installation of your brand-new HVAC products and what you need to do for you tax credit. Then you get enjoy a more efficient and comfortable home while you save!
How Can I Take Advantage of Local City Utilities Rebates?
If you really want to save, you can click here to type in your zip code and see the rebates offered by your local City Utilities. If you live Springfield as the example, you could receive a rebate for as much as $1,025 depending on the product you have installed. Again, take a look at the available products for rebates and if there’s one you’re interested in, give us a call.
Making improvements to increase energy efficiency at home doesn't have to be costly—there are many options available today that can help make it more affordable while still allowing homeowners to benefit from the long-term savings associated with using ENERGY STAR certified products. By taking advantage of both the federal income tax credits available through 2032 as well as any applicable local rebates or incentives available now, homeowners can make their homes more efficient while saving money at the same time! If you need an upgrade to one part of your HVAC system or the entire thing, now is the perfect time! Give us a call at SS&B Heating & Cooling and we’re here to help.