How To Save Money for Your Electrical and Plumbing Needs With the Inflation Reduction Act
There’s never been a better time to upgrade your home’s electrical and plumbing systems. Thanks to the Inflation Reduction Act, Northern Utah and Salt Lake City homeowners can receive lucrative tax credits and rebates with qualifying electrical and plumbing purchases.
Not only do these upgrades help to lower your carbon footprint, but they will also help to lower your utility bills for years to come significantly; that’s why 2023 is a prime time to make the updates you’ve needed for your home.
What Purchases Qualify
With the IRA, you can save more than $17,000 annually through tax credits and rebates on qualifying purchases, including updated electrical panels and water heaters. In addition, through the Energy Efficiency Home Improvement Tax Credit (25C), Utah homeowners can receive up to 30% tax credits on any energy-efficient plumbing and electrical upgrades — up to $3,200 per year!
If your water heater is on its last leg, now is an opportune time to invest in a replacement. Most water heaters last about 15 years, so if your unit is nearing the end of its life span or requires frequent and costly repairs, it’s likely most cost-effective to select a new and energy-efficient system. In addition to tax credit and rebate savings, a new water heater will also cost less, meaning additional savings for homeowners.
To qualify for tax credits, homeowners can install a fuel-powered or heat-pump water heater. Fuel-powered options use natural gas, oil, or propane to heat water stored in a tank until you are ready to use it, while heat pump water heaters pull heat from surrounding areas to warm your water in a highly energy-efficient way.
In 2023, the Inflation Reduction Act tax credit for water heaters is $600 for fuel-powered options and up to $2,000 for heat pump water heaters.
If your electrical panel is part of your home’s original wiring or is more than 25 years old, it may be time to consider an upgrade. Especially in older homes, electrical panels may no longer be able to keep up with modern technology or efficiently distribute electricity to different parts of your home.
New, energy-efficient electrical panels are made to keep up with the modern technology of a 21st-century home and will result in both money and energy savings.
With the IRA tax credit, homeowners can receive up to $600 when upgrading their electrical panels and an upgrade covered in the Energy Efficient Home Improvement Tax Credit (25C).
Your Guide to Your Utah Home’s IRA Rebates
Additional IRA rebates will also be available later in 2023 for energy-efficient electrical and plumbing upgrades. This includes:
The Home Owner Managing Energy Savings rebate offers rebates based on the percentage of energy savings for an entire home, which means the more energy-efficient upgrades you make, the more money you can save. While these savings are available to all Utah homes, those in low- and medium-income households stand to save the most.
The High-Efficiency Electric Home Rebate Act is available now and offers point-of-sale discounts for energy-efficient purchases instead of tax deductions. HEEHRA offers up to $14,000 per year to homeowners and can cover anywhere from 50% to 100% of qualifying costs.
Choose SameDay for Your Home’s Comfort Needs
Call the friendly and skilled technicians at SameDay Heating & Air, Plumbing, and Electrical to take advantage of these generous tax credits and rebates. We’re family-owned and -operated and pride ourselves on providing the highest quality service from our team of dependable, on-time problem solvers.
With more than 65 years of experience and over 2,000 Google reviews, it’s no wonder that homeowners throughout Utah trust the people who can in the big green van.