NORTHWEST PENNSYLVANIA Blog

Take Advantage of the Benefits of the Inflation Reduction Act

We are over the moon to share with you all of the ways you can take advantage of this new legislation in 2023. Portions of the Inflation Reduction Act incentivize homeowners like you to make energy-efficient upgrades to your homes at a reduced cost.

There are various tax credits and rebates that you can use to help offset the cost of certain projects. We explain how this can directly benefit you and your home below, so check it out.

What Is the Tax Credit?

The Energy-Efficient Home Improvement Credit can help reduce your tax bill when it comes time to file in 2024. This part of the act authorizes tax credits that will cover 30% of the cost of various energy-efficient projects around your home or business.

There are many different options to choose from for your project! Some of the projects that qualify are:

• Solar panels
• New insulation
• Upgraded heating and cooling equipment
• Air sealing services

There is a cap on the limit to your project at $1,200, but that money can go a long way toward creating a more energy-efficient home! The right project (like insulation) can go to work lowering your energy bill immediately.

Can I Get a Rebate, Too?

You sure can! The HOMES Rebate program has many different opportunities to claim cash back on certain purchases and upgrades for your home. Energy-efficient appliances, heat pumps, water heaters, insulation and more are included in this rebate program as well.

This program is aimed to help low- to moderate-income households make these upgrades at a more affordable price. The amount of money you get back depends on the upgrade you choose, so the more money you are projected to save over the life of the appliance or upgrade, the more money you will get back.

How Do I Know What Projects Qualify?

Each state is specific about what projects are available for these credits and rebates, so the best way to see what you qualify for is to check through the Database of State Incentives for Renewables & Efficiency to find project-specifics. Click on Pennsylvania and search through the rebates and credits listed to find your opportunity.

Now is the perfect time to get the most out of this benefit! Start planning your project and do your research to make sure you are getting the most out of these tax credits and rebates. As always, your Koala team is here to help answer your questions and provide you with new insulation this year.

New insulation and air sealing for your home is a great choice in 2023. Contact us at Koala Insulation of Northwest Pennsylvania to get started.