By now you’ve probably heard that the Inflation Reduction Act (IRA) of 2022 has plenty of good news for homeowners looking for energy savings. In fact, the 725-page bill puts $370 billion in funding toward promoting climate-change initiatives—including provisions that give hundreds or thousands of dollars back to homeowners for weatherization and energy-efficiency home-improvement projects.
That cash back comes in two buckets: tax credits and purchase rebates, which will be available through September 2031 or through 2034, depending on the program. The tax credits—extensions or modifications of existing tax credits, in many cases—are in place now, so if you complete a qualifying project in 2023, you can get a credit on your federal taxes, lowering the amount you owe at the end of the year. The newly created rebate programs, on the other hand, may not be available for use until late this year or early next year. Those programs will be administered by the states, which are awaiting guidance from the federal government—expected this summer—before they can
