Bottom Line: Tips to save money on home improvement projects

Published: Jan. 3, 2023 at 12:49 PM CST
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MEMPHIS, Tenn. (WMC/CONSUMER REPORTS) - Looking to upgrade your home with the help of Uncle Sam?

The Inflation Reduction Act includes rebates and tax credits for energy-efficient purchases like appliances, electric vehicles, and solar panels.

Consumer Reports says there are other ways to take advantage of these credits by “going green” on your next home improvement project.

With funding from Congress, the Inflation Reduction Act means homeowners can take advantage of up to $14,000 in rebates and tax credits for making energy-efficiency upgrades.

How much you’ll be able to get will depend on how much you earn, where you live, and what improvements you make.

Want to upgrade to a more eco-friendlier stove? A rebate of up to $840 could make it within your budget. Plus, you can receive another $500 to help cover the costs of converting from natural gas or propane to electric.

The largest credits and rebates are available for heat pumps, a high-efficiency system that heats and cools your home in place of a furnace (or boiler) and an air conditioner. You could get as much as $8,000 off.

While the upfront cost for a heat pump may be higher, these incentives will definitely help. Over the long term, you might actually save money depending on where you live and what fuel and electricity may cost in your area.

You’ll be adding value and warmth to your home with rebates for upgrading to more efficient exterior doors, windows, and skylights.

If an electric heat pump doesn’t make sense for your home, you can also qualify for a $300 tax credit with certain Energy Star-certified gas water heaters.

“Consumer Reports TV News” is published by Consumer Reports. Consumer Reports is a not-for-profit organization that does not accept advertising and does not have any commercial relationship with any advertiser or sponsor on this site.

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