President Biden signed the Inflation Reduction Act (IRA) to help American homeowners during these times of high inflation. The IRA attempts to help Americans through this time of high inflation with taxes, healthcare, and energy costs.
Part of the IRA focuses on renewable energy initiatives with a goal of $369 billion in energy security and climate change efforts that you can benefit from now. By joining the electrification movement, you will enjoy a safer and more efficient home with lower energy costs and significant tax savings.
Older Homes Are Due for Electrical Updates
If your home is older than 25 years, your electrical system may not be able to handle the demands of modern technologies. However, your home may still qualify for help with upgrades from IRA rebates and other government programs.
Electrical panels, also known as panel boards, sub panelboards or breaker boxes, take your home’s main power supply and break down the electricity to specific areas of your home. Unfortunately, older homes are often equipped with electrical amps that are only 100-amp circuits and cannot accommodate the electrical needs of today’s homes.
Electrical panels are easily taken for granted as long as they are working. However, if your electrical panel was made by Zinsco or Federal Pacific, it is unsafe for home use. Homes over 25 years old are probably due for an upgrade to keep you and your loved ones safe. Although this may seem daunting, it will save you money and provide your appliances with the power you need where you need it for today’s demands.
Inflation Relief for Homeowners
There are tax credits and rebates available for the modernization of your home. You can benefit from the Inflation Reduction Act and other programs available now. Additional rebates for new energy-efficient appliances and their installation, if your home’s electrical system is ready to accept them, will be available later in 2023.
Call Finch Home Solutions and discover your unique electrical situation and get an expert assessment of what choices are best for your electrical needs and how much the new IRA program can benefit you now.