Certain Home Investments Will Save Homeowner’s Money
Small investments can make a difference in the long run as well as some big ones. There are incentives out there if you go green under the Inflation Reduction Act of 2022. Here are some home investments that will help save you money in the long run.
Warm up to the Idea of a Heat Pump
A heat pump will move heat from one place to another so therefore it uses less energy. A heat pump will also keep your home warmer than a conventional electric or gas system. This is one of the systems that you can get a tax credit on with the Inflation Reduction Act.
The Inflation Reduction Act gives tax credits and point-of-sales rebates. So if you get a high-efficiency HVAC, you could end up saving thousands of dollars. You can get a tax credit of up to 30% of the cost of the heat pump and up to $2,000 back for installation. A new point-of-sale rebate can give you up to 150% of the area you live in median income. It does have a $14.000 cap and only applies to heat pumps, heat pump water heaters and heat pump clothes dryers.
Get New Windows and Doors
If you have good insulated windows and doors, you will keep the heat in during the winter and the cold in during the summer. This will allow your heating and cooling systems to take a bit of a break.
The tax incentives that apply to this is great also. You can earn an energy tax credit of 30% of the cost of new windows (with a cap of $600). For doors, it is a tax credit of $250 per door for up to two doors.
Insulate Your Attic
If you have a drafty home, this could be because you have poor insulation in your attic. Insulating your attic can cut down on your heating and cooling bills. This can be solved by insulating the upper trusses which puts a barrier that will help the air that enters or escapes through the vents.
Get Smart
Smart thermostats can save you money big time. They will turn your heat and a/c on and off to maintain a certain temperature. They are perfect because you do not have to sacrifice your comfort in order to save on your heating/cooling bill. If you are at work M-F, you can set your temp a little higher in the summer and cooler in the winter. It can also be controlled by your smartphone.
Go Tankless
The last tip is to get rid of your hot water heater and replace it. Energy.gov reports that a home that uses 41 gallons or less of hot water per day, can save up to 34% in energy consumption if they go tankless. Tankless hot water heaters will provide hot water on a needed basis. This way there is no standby energy that is lost like in traditional hot water heaters.
Remember making repairs or replacing old systems is a good step in the right direction of energy savings and money savings. There are tons of incentives out there so now is the time to start the projects!
