Tax credits of $369 billion are being offered by the Inflation Reduction Act (IRA) for energy-saving measures. Improved energy efficiency, lower energy costs, and increased home comfort are just a few advantages of these tax credits.
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For even greater savings, these tax credits can be used in conjunction with regional incentives. Tax credits for IRAs include:
Incentives for residential retrofitting.
Commercial incentives for new and retrofit projects.
Incentives for new homes.
Efficient building envelopes through building codes.
Credit from the prior law is reinstated to 2022. Applying from January 1, 2023 to December 31, 2032 is the enhanced credit amount.
30% of materials for airtightness and insulation up to $1,200 annually.
Available credit on an annual basis.
Energy audits for homes are covered up to $150.
For single-family dwellings that satisfy the 2021 IECC prescriptive envelope criteria and ENERGY STAR Version 3.2 requirements, a $2,500 builder credit is available.
Homes that satisfy the DOE Zero Energy Ready Home standard are eligible for a $5,000 builder credit.
Multifamily units are eligible for a $500 or $1,000 builder credit, with incentives rising to $2,500 or $5,000 if prevailing wage conditions are met.
Credit from the prior law is reinstated to 2022. From January 1, 2023, until December 31, 2032, the enhanced credit amount is applicable.
This act has several components and ways to save, and tax credits are subject to program modifications. We welcome inquiries and are delighted to respond. Talk to our office about your project and how tax credits might be advantageous to you.
Curious about insulation installation for your home or place of work? Give us a call (833) 244-7283 to have one of our professionals inspect your attic. Have any inquiries for your Rockford area home or business? You can also email info@comfort1stinsulation.com or fill out our contact form to get a hold of the experts at Comfort 1st Insulation.
