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Biden’s Inflation Reduction Act Provides Up To $8,000 Rebates For Home Appliances Upgrade

U.S. President Joe Biden on Inflation Reduction Act
U.S. President Joe Biden on Inflation Reduction Act

U.S. President Biden’s Inflation Reduction Act will be providing up to $8,000 in rebates for an upgrade of the American households’ home appliances. The rebates will be part of the $150 million infrastructure rebate of the federal government.

Inflation Reduction Act [Photo: Yahoo News]

Inflation Reduction Act [Photo: Yahoo News]

The U.S. President Joe Biden’s Inflation Reduction Act will be providing one-time rebates of up to $8,000 to help Americans upgrade to more energy-efficient appliances. The rebates will be a part of the $150 million infrastructure rebate program of the federal government. The monumental Inflation Reduction Act law intends to allow consumers to claim rebates every year to purchase products for an upgrade. To be able to claim the rebates, taxpayers must fill out the Form 5695, Residential Energy Credits, as reported by Blake.

READ ALSO: New Jersey To Receive Up To $1,500 One-Time Payments Through ANCHOR Program

Who is eligible for these rebates?

According to Blake, to be eligible for these rebates, an applicant must earn an income of 80% to 150% or lower of the median income of their area. If the income is between 80% to 150%, only 50% of the cost will be covered by the rebates. However, if the percentage is lower, the rebates will cover the cost entirely. However, there will be a limit of $14,000 per household.

Furthermore, if a household’s switch decreases energy use by 20%, the household will be eligible for $2,000. Those who decrease their energy by 35% or more will receive $4,000. The rebate covers items such as panel upgrades, heat pumps, and heat pump water heaters. Those upgrade appliances to clothes dryers, electric stoves, and insulation can also be eligible.

READ ALSO: What Is Tax Credit And How Do They Work?

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