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The IRA splits $8.8 billion in total rebate funding between two programs: the Home Efficiency Rebates program and the Home Electrification and Appliance Rebates program. The Home Electrification and Appliance Rebates program The Home Electrification and Appliance Rebates program pays consumers a maximum amount of money for buying specific technologies and services, Saul Rinaldi said. Home Efficiency Rebates program Conversely, the Home Efficiency Rebates program is technology-neutral, Saul Rinaldi said. Larger rebates flow to those who cut more energy, Saul Rinaldi said. In this way, the Home Efficiency Rebate's value can technically exceed that of the Home Electrification and Appliance Rebates program, Zelmar said.
Persons: Zelmar, Jan, Biden, Kara Saul Rinaldi, Saul Rinaldi Organizations: Energy Department, AnnDyl, U.S . Department of Housing, Urban Locations: Arizona , California , Colorado , Georgia, Hawaii , Indiana , Minnesota , New Hampshire , New Mexico , Oregon, Washington, Georgia, Oregon , Indiana, New Mexico
Steve Smith | Tetra Images | Getty ImagesHow the tax break worksWestend61 | Westend61 | Getty ImagesThe Inflation Reduction Act, which President Joe Biden signed into law in August 2022, extended and enhanced a prior tax credit available for home efficiency upgrades. The tax credit is worth 30% of the cost of qualifying projects. The combined tax break for these projects is capped at $1,200 a year. Altogether, taxpayers can get a maximum overall credit of $3,200 a year, if they combine projects worth up to $1,200 and $2,000. The IRS published a fact sheet that gives examples of the overall tax break consumers can expect for specific upgrades.
Persons: Steve Smith, Joe Biden, Kara Saul, Rinaldi, Saul Organizations: Westend61, AnnDyl, Environmental Protection Agency, IRS
Emilija Manevska | Moment | Getty ImagesConsumers may soon be able to access $14,000 or more of federal rebates for making energy-efficient upgrades to their home. The IRA devotes a total of $8.8 billion for two initiatives: the Home Efficiency Rebates program (which offers up to $8,000) and the Home Electrification and Appliance Rebates program (up to $14,000). However, consumers may be able to pair rebates with certain clean energy tax credits, which are currently available. How the Home Efficiency Rebates program worksIn dollar terms, larger rebates are generally available to the lowest earners. How the Home Electrification and Appliance Rebates program works
Persons: Emilija, Joe Biden, Kara Saul Rinaldi, We've, Jennifer Amann, Amann Organizations: Getty, Energy, AnnDyl, Home Energy, American Council for, Weatherization, U.S . Department of Housing, Urban Locations: Florida
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