Late last summer, the Inflation Reduction Act of 2022 (IRA) was signed into law. With $370 billion designated for programs designed to improve our environment and fight climate change, it offers significant savings to homeowners interested in energy efficiency upgrades.
Today, we’re exploring everything New Jersey homeowners need to know about the IRA: the incentives it includes, how homeowners can take advantage of its savings, and how the South Jersey experts at Bovio Rubino Service can help.
IRA Rebates and Incentives for New Jersey Homeowners
The Inflation Reduction Act encourages homeowners to make energy-efficient home upgrades by offering tax credits and rebates to make them more affordable. As part of the IRA, two new rebate programs, HOMES and HEEHR, were formed. Individual states will be responsible for managing these programs, and when we learn more about their availability in New Jersey, we will update you.
The Energy Efficiency Home Improvement Tax Credit
In the near-term, homeowners can save significantly by taking advantage of the newly-reinstated 25C tax credit, also known as the Energy Efficiency Home Improvement Credit. The IRA increased this credit from 10% to 30% of the total cost of qualifying upgrades, and it replaced the $500 lifetime cap with a much higher annual limit.
Here are some of the services that qualify for this credit, with annual limits for individual measures listed:
- Energy-efficient HVAC systems including furnaces, boilers, and central air conditioning: $600 max
- High-efficiency water heaters: $600 max
- Energy audits: $150 max
- Insulation and weatherization (air sealing): $1,200 max
- Electrical panel upgrades: $600 max
- Heat pumps, mini-splits, and heat pump water heaters: $2,000 mx
The IRA tax credit allows New Jersey homeowners to qualify for as much as $3,200 in tax credits on the above services every year! Reach out to our team today to learn more about the details.
Take Advantage of Savings on Home Efficiency Upgrades with Bovio Rubino Service
With significant savings available for New Jersey homeowners through the Inflation Reduction Act, it’s a great time to consider energy efficiency home improvements to make your home more comfortable, healthy, and efficient. These upgrades are not only beneficial for you and your home, but also for our local community and environment.
When you’re ready to take advantage of savings, turn to the local experts at Bovio Rubino Service. With nearly five decades of experience serving our South Jersey community, Bovio Rubino Service has been helping friends, neighbors, and family improve their homes the right way since 1970. With our team, there are no surprises, and no pressure. Find out how much our team can help you save with IRA incentives today.
Thanks to the Inflation Reduction Act, New Jersey homeowners can save on energy efficiency upgrades. Call (856) 272-7000 or contact us today.
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