Consumers could see huge discounts on energy-efficent electric items in 2023

Consumers could see huge discounts on energy-efficent electric items in 2023 | KTLO

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A new program is set to begin in 2023 will help families with incentives to make purchases for energy-efficient electric items such as electrical system upgrades, appliances, heating and cooling, and vehicles. As a part of the Inflation Reduction Act, Rewiring America is a program that will offer up-front discounts and or tax credits, based on household income and size.Rewiring America states “by lowering the upfront cost of efficient, electric appliances, the rebates will help American families save money on their energy bills, create healthier indoor air environments and reduce carbon emissions.” For households with an annual income less than 80 percent of the Area median Income (AMI), the rebates provide full-cost discounts up to $14,000, covering both purchase and installation costs. For household incomes between 80 and 150 AMI, the rebates are expected to cover half the cost.For households with lower incomes, 100% of appliance and installation cost are discounted at purchase. Middle-income households should expect up to 50% of appliance and installation costs covered through upfront discounts, with tax credits to cover some of the remaining gap. Those in highest income households will not be eligible for upfront discounts, but could recoup costs around 30% in tax credits.

For more information, visit rewiringamerica.org.

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