10/30/2024 | Press release | Distributed by Public on 10/30/2024 13:34
As More Americans Seek Home Energy Upgrades, New DOE Resources Will Enable Easier Access to the Historic Money Saving Incentives Provided by the Biden-Harris Administration's Investing in America Agenda
WASHINGTON, D.C.- In support of the Biden-Harris Administration's Investing in America agenda, the U.S. Department of Energy (DOE) today released new resources to help American households and home energy efficiency contractors understand how to qualify for thousands of dollars in federal tax credits, made available by the Inflation Reduction Act, for home upgrades. The resources include a Tax Credit Product Lookup Tool to help determine if new equipment is eligible for tax credits; information that walks contractors through key elements of home insulation products that can lower utility bills and qualify for tax credits; and a training module on how contractors can leverage a range of home energy efficiency incentives. By making it easier for households and contractors to know if they qualify for these tax credits, this tool will enable more Americans to access them and to lower their utility bills.
These resources will help drive access to the Energy Efficient Home Improvement Credit, which more than 2.3 million families have already claimed, saving over $2 billion total-an average tax cut of $880 per household-according to the U.S. Department of the Treasury. The Energy Efficient Home Improvement Credit, which is available through 2032, allows households to receive up to $3,200 in tax credits annually for a variety of energy-efficient home improvements. Improving home energy efficiency and upgrading equipment will save homeowners money on utility bills and improve home resilience, and is key to the Biden-Harris Administration's national clean energy goals.
"Across the board, the Biden-Harris Administration is making it easier for more American households to save energy and save money on home improvement upgrades that will keep money in their pockets for years to come," said U.S. Secretary of Energy Jennifer M. Granholm. "Contractors are the go-to resource for homeowners looking to upgrade insulation, wiring and appliances, which is why we are providing new tools that get contractors the information to ensure their customers can unlock Investing in America savings."
New Resources
These new resources build on existing DOE tools to help Americans explore energy-saving technologies for their homes, including heat pump water heater and cold climate heat pump tools to guide contractors and homeowners through the decision-making process for selecting equipment.
Homeowners can also go to the ENERGY STAR website to find information on the many federal tax credits offered for energy-efficient home heat pump technology, home improvements, and clean energy equipment upgrades. The website also offers detailed instructions for claiming tax credits as well as strategies for maximizing federal tax savings.
Many energy-efficient tax credits can be used together with DOE Home Energy Rebate programs and other state, local, and utility energy efficiency incentives, helping consumers save even more on purchase and installation costs. Collectively, the product lookup and decision tools, along with contractor training, will help Americans improve their homes' energy efficiency while ensuring they get the right equipment for their comfort needs, qualify for incentives, and lower their energy bills.
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