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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.

Stop overpaying for home insurance

Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.

Officialhomeinsurance can help you do just that. Their online marketplace of vetted home insurance providers allows you to quickly shop around for rates from the country’s top insurance companies, and ensure you’re paying the lowest price possible for your home insurance.

Explore better rates

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.”

States also offer up to $8,000 in rebates for low- and moderate-income households to purchase and install heat pumps. These families can also receive up to $4,000 in rebates for electric upgrades to integrate the new heat pump.

Solar panels

Forbes recently reported that solar panels and their installation typically cost between $6,600 and $22,800.

The IRA offers a 30% tax credit on rooftop solar panel installation between 2022 and 2032. This can reduce your costs to anywhere from $4,620 to $15,960. State incentives may exist to offset even more of the cost.

Zillow discovered that a home with solar panels has a 4.1% higher resale value than a non-energy efficient home, translating into an extra $9,274 for your wallet. If you are considering a personal loan to pay for the upgrade, you can use your cash savings to repay it faster. If you’re planning to sell your house to help finance your retirement, solar panels might help increase that nest egg.

More: Houston couple tricked into paying for 'free' solar panels

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Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.