$3,300 in Savings: Unlock the Benefits of the Inflation Reduction Act with Rewiring America’s IRA Calculator

The Rewiring America IRA savings calculator helps users estimate savings from tax credits and rebates under the Inflation Reduction Act for clean energy options like solar panels, electric vehicles, and energy-efficient appliances.

Calculate Your Savings with the Rewiring America IRA Calculator

The Inflation Reduction Act (IRA) offers substantial savings for Americans transitioning to cleaner energy options. It provides rebates and tax credits for electric vehicles, solar panels, and energy-efficient appliances. By using the Rewiring America IRA savings calculator individuals can determine their potential savings. For instance, if you install solar panels and Tesla Powerwalls, you can receive a 30% tax credit for both along with a $600 credit for upgrading your electrical panel. The calculator also reveals additional savings such as a $2,200 rebate for qualifying electric cars.

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(photo: American Standard)

Unlock Incentives for a More Energy-Efficient Home

Some benefits are currently available including federal tax credits and certain rebates. However, other programs are still in development. The Department of Energy has allocated $8.5 billion to support home electrification and energy efficiency initiatives. These programs will be rolled out in various states at different times with most expected to begin in 2025. The Home Efficiency Rebates program will offer discounts for energy-saving upgrades particularly benefiting low- and moderate-income families, though the exact start date remains uncertain.

For example, a hypothetical family of five, named the “Smiths,” with an annual income of $120,000, can use the IRA savings calculator to estimate their savings. The calculator shows they are eligible for a $350 rebate on an ENERGY STAR® heat pump water heater and a 30% federal tax credit, up to $2,000, for the same heater. Additionally, they can anticipate a future rebate of up to $1,750 when the state program is operational. If they purchase an induction stove later, rebates could cover up to 50% of the cost making it more affordable to upgrade to energy-efficient appliances, according to the report of Electrek.

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