How Can Inflation Reduction Act Tax Credits Benefit You?

Homeowners who upgrade to energy-efficient HVAC, electrical, and plumbing items are eligible for tax credits and rebates through the Inflation Reduction Act (IRA). If you act on these credits and rebates, you’ll start seeing lower energy bills.

25C Energy Efficient Home Improvement Tax Credit: Saving On Your Taxes

Beginning January 1, 2023, the Inflation Reduction Act (IRA) incentivizes families to enhance their home’s energy efficiency. Before December 31, 2022, the incentive was a one-time $500 credit. Individuals can now receive up to 30% of the overall expense after January 3, 2023, for specific eligible improvements as a credit.

We have you covered at Champion Comfort Experts. Contact us today at 828-490-9700 to discuss your eligibility and the options below.

25C Tax Credit Graph

Eligible Expenses for Tax Credits

Tax credits are usually given for expenses like equipment, installation, and labor costs — but they’re not instant savings. These factors are worked into your credit amount when you file your taxes for the year the work was carried out.

It’s important to choose the correct equipment in order to receive maximum deductions and savings. Contact Champion Comfort Experts so we can help you gain these tax credits and long-term savings on energy bills.

The HOMES Rebate (Home Owner Managing Energy Savings Rebate)

The Home Owner Managing Energy Savings (HOMES) rebate program offers up to $4,000 to $8,000 if you reduce your energy usage by 35% or more.

The more you reduce energy usage (and the more you save on energy bills), the bigger your rebate will be. This makes it well worth exploring all the options for better efficiency, as you’ll quickly make up the cost in tax credits, rebates, and lower monthly bills.

The HEEHRA Rebate (High-Efficiency Electric Home Rebate Act)

The HEEHRA rebate, or the High-Efficiency Electric Home Rebate, provides up to $14,000 to low and middle-income homeowners who make eligible energy-efficient upgrades. Built within this rebate are 100% of the costs of professional electrical services, equipment, and installation for low-income and 50% for middle-income homeowners.

HEEHRA Rebate Graph

If you’ve always wanted to save on energy bills and have a more efficient home, now is the time to call us at 828-490-9700. The Inflation Reduction Act is a great deal that can help you save over a long period of time, and our experts are waiting to discuss your eligibility today.

*Disclaimer: Champion Comfort Experts does not guarantee the availability of tax credits or rebate funds, nor the specific rebate or credit amounts that may be available to each individual. Rebates and tax credits are subject to change and may vary depending on factors such as geographic location, income level, and the specific details of the heating and cooling system being installed. In addition, please note that the information provided by “brand name” regarding tax credits is for general informational purposes only and should not be considered tax advice. Homeowners should consult with a qualified tax advisor to determine their eligibility for tax credits and to receive specific advice on their individual tax situation. “Brand Name” is not responsible for any errors or omissions in the information provided, and we make no guarantees or warranties regarding the availability or applicability of any tax credits or rebates.