~Alex Jackson
The New IRA
A new law passed on January, 1st of this year might initiate a surge in energy-efficient upgrades on Long Island.
Called the IRA or Inflation Reduction Act, the new federal law offers homeowners a wealth of incentives, including tax rebates and credits to make their homes more eco-friendly. The act offers credits for improvements like solar panels as well as energy efficient windows, doors and air conditioning. Credits and rebates for major energy efficient upgrades should be available by next year.
Specifically, the IRA is offering tax incentives for a host of eco-upgrades. These include central air, energy-efficient doors, windows as well as HERS and other energy audits. Check out the IRS’s fact sheet for more details. The tax credits not only reduce your annual tax liability, they also offer a 30% tax credit for certain upgrades. Specifically, it offers a $2,000 tax credit for biomass stoves, heat pumps and heat pump water heaters. If you want to max out on credits combine projects, insulation and a new heat pump, for example, could garner you a $3,200 dollar tax credit.
Savings Timeline
Of course, you won’t see said credits until the end of the next tax season. Moreover, you will want to have an accurate picture of what updates your home actually needs. To that end, starting out with an energy audit should prove ideal.
If you’ve been holding off on make energy-efficient updates in your home, there’s never been a better time. And if you are a Long Island resident interested in exploring energy-efficient upgrades, by all means, give us a call at Ben’s General Contacting.
Ben’s General Contracting Corporation, commercial and residential contractors, has been servicing greater New York since 1982.
