Is now the perfect time for a home makeover? President Joe Biden is offering thousands of dollars for specific renovations to your property — here's what they are and how to collect your cash

Many of the IRA energy efficiency incentives increased in 2023. Home improvements cost an average of $6,721. It could be a financially savvy move to use IRA tax credits and rebates to offset this major cost.

Here’s how you can take advantage of home energy incentives so you can both save now and reap the rewards later.

Electric appliances

17% of respondents want to renovate their home to make it more energy efficient, according to a recent Moneywise survey. But how do you even begin to do that?

Biden offers a $150 tax credit for an inspector to conduct a home energy audit to help you figure that out. Homeowners can receive up to $8,000 in rebates to purchase energy-efficient appliances, depending on your income.

Low- and moderate-income families can even receive rebates to cover the entire cost of installing electric appliances, such as heat pump water heaters or clothes dryers.

Insulation

Extreme weather will continue to affect the U.S. As the temperatures ping-pong from hot to cold, installing more energy-efficient insulation can save you up to 20% on your gas bill. And Biden can help you out with the initial costs.

Families can receive a 30% tax credit for energy-efficient insulation. This includes a $1,200 credit for “adding insulation or installing efficient windows and doors” and a $2,000 special credit to buy “electric heat pumps that provide super-efficient heating and cooling.”