With the Inflation Reduction Act (IRA) of 2022, improving your Michigan home’s energy efficiency has become more affordable. Within the IRA are several new tax credits and rebates for energy efficient home improvements, and we’ll break them down here. There are plenty of resources with more information about the Inflation Reduction Act, but WMGB Home Improvement will go into how the Grand Rapids and Holland areas can benefit from these new energy rebates and tax incentives.
Inflation Reduction Act Tax Credit
Homeowners can now save up to 30% of the total costs of qualifying home improvements with the Energy Efficient Home Improvement Tax Credit. The new IRA tax credit credit has a $1,200 combined annual limit on a list of eligible services, including:
- Air sealing (materials only)
- Insulation services (materials only)
- Exterior windows & doors (materials only, $600 max for windows, $500 max for doors)
The Energy Efficient Home Improvement Tax Credit can be claimed multiple years in a row, from 2022-2032. To qualify, homeowners can file IRS Form 5695 with their annual tax returns. The team of experts at WMGB Home Improvement can help guide you through the Inflation Reduction Act tax credit process.
Inflation Reduction Act Rebates
The Inflation Reduction Act also created the Home Owner Managing Energy Savings (HOMES) and High-Efficiency Electric Homes rebate programs. These two new rebate programs will offer rebates for a variety of energy efficiency home improvements, like insulation, air sealing, and much more.
The funds have been allocated for the rebate programs, but they aren’t available quite yet. Each state will need to determine how and when they plan to implement them. WMGB Home Improvement is keeping a close watch on updates. We will provide an update as soon as we have more information about how to qualify for the Inflation Reduction Act rebates.
Upgrade Your Home With WMGB Home Improvement
When it comes to choosing a contractor to care for your home, there are a lot of options out there. At WMGB Home Improvement, we go above and beyond to earn and maintain your trust. Our expert technicians hold multiple certifications, and we can answer any questions you may have along the way to energy efficiency.
WMGB Home Improvement offers a variety of services to help make your home more comfortable, more energy efficiency, and healthier. We will be with you every step of the way to qualify for Michigan insulation rebates and more savings available through the Inflation Reduction Act. We can also help you qualify for other incentives, like Michigan Saves, which offers Michigan insulation rebates, and more.