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$8,000 Energy Credit Will Be Given To Millions of Americans, Here’s How To Qualify

Woman holds U.S. dollar banknotes in front of Euro banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration

Renters and homeowners alike who purchased an energy-efficient product and appliances may qualify for credits worth up to $8,000.

The tax rebates are incentives from t of Biden’s Inflation Reduction Act which happen last year in August. The landmark law is aimed to provide lower energy costs by only allowing the buyers to get the same or varying credits if new products are purchased each year.

Government officials have encouraged taxpayers to consider applying for credits as energy prices are set to increase. The U.S. Energy Information Administration has data and indicates that households will likely spend a lot of money on energy this winter than last year.

Solar Additions or Improvements 

Installing rooftop solar does typically save families hundreds of dollars annually on their energy bills to pay. For 2022 last year, households can get a tax credit to cover up to 30% of the costs of installing rooftop solar.

For 2023, households may grab tax credits covering 30% of the costs they incur by installing rooftop solar. The credit applies to every solar system that is paired with battery storage as well as the stand-alone battery storage installed without solar.

 

 

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