Several more states ready to provide rebates under the Inflation Reduction Act for energy use

Welcome to Extreme Investor Network, where we bring you the latest information on personal finance to help you make the most of your investments and financial decisions. Today, we are excited to share with you the latest news on energy-efficiency rebates for homeowners.

New York has recently launched a program offering homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property. This initiative is part of the federal Inflation Reduction Act, the largest piece of climate legislation in U.S. history signed by President Joe Biden in 2022. The law allocated $8.8 billion for consumers through two Home Energy Rebates programs.

These rebates aim to help consumers reduce or fully offset the cost of upgrades to make their homes more energy-efficient, ultimately reducing carbon emissions and cutting homeowners’ future energy bills. Examples of projects that may qualify for rebates include air sealing, insulation, electric heat pumps, and electric stoves.

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New York kicked off its rebate program on May 30, offering up to $14,000 of federal funds to low-income households. When combined with the EmPower+ state program, which provides up to $10,000 per low-income household, consumers can access up to $24,000 in total rebates for energy-efficiency upgrades.

States across the country are expected to roll out similar rebate programs by September, with 17 states already applying for Home Energy Rebates funding. The Energy Department has approved applications from California and Hawaii, paving the way for more states to follow suit in the coming months.

The Home Energy Rebates programs consist of the Home Efficiency Rebates program and the Home Electrification and Appliance Rebates (HEAR) program. The HEAR program is specifically available to low and middle-income homeowners, providing maximum dollar amounts per project such as $8,000 for heat pumps and $1,600 for air sealing, insulation, and ventilation.

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In addition, the Home Efficiency Rebates program is technology-neutral and offers rebates based on how much overall energy a household saves through efficiency upgrades, with potential rebates of up to $8,000 available to all households, regardless of income.

Stay tuned for more updates on these energy-efficiency rebate programs and other personal finance news here at Extreme Investor Network. Make sure to take advantage of these opportunities to improve your home’s energy efficiency and save on your energy bills while also reducing your carbon footprint.

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