Are you in the market for an energy-efficient appliance?
Rebates funded by a new federal law could help save you money.
Details of the rebate roll out are still murky, but heres what you better know.
What Appliances and Upgrades Qualify for a Rebate?
Numerous rebates on energy-efficient appliances are available through theInflation Reduction Act.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Heres a roundup of appliance and equipment rebates.
There are rebates for home upgrades too.
Did you know?
Who Qualifies for an Energy Rebate?
These rebates come with income limits.
And those limits will vary based on where you live.
Figures from the Department of Housing and Urban Development (HUD) will be used to determine median income.
it’s possible for you to find your areas median income by usingthis toolon HUDs website.
States will decide how to define an area.
It could be based on the median income of your zip code, city, county or state.
These limits will vary across the country.
How Will the Energy Rebates Work?
The federal government will give each state grant money to implement its own rebate program.
When and Where Can You Get a Rebate?
Dont expect these measures to go into effect right away.
It might be a while before these energy-efficient home rebates actually reach consumers.
It also isnt clear exactly how the discounts will be applied.
Are Efficiency Rebates the Same as a Tax Credit?
These tax credits, unlike the rebates, will be available regardless of your income.
you might start claiming these tax credits on your federal income tax return starting next year.
Credits will be available for 10 years starting in 2023.
All of these tax credits are nonrefundable.
If you dont normally owe money at tax time, these credits likely wont do much.
Get a refresher onhow tax credits and tax deductions work.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
