New Programs in Nebraska that can Help Pay for Green Upgrades
With a recent hike in the cost of many items especially ones used for a comfortable living environment, some homeowners in Nebraska and all around the country are looking for ways to be able to save money on their expenses. One of the most popular ways that homeowners in Nebraska are looking to save money is by installing energy-efficient features within their homes.
If you are an Omaha homeowner that is considering a few green energy upgrades to your home there is good news. There is a federal program offering homeowners incentives to pay for energy improvements. This incentive is through the Inflation Reduction Act that was passed in August 2022. This program will provide tax credits and rebates to homeowners that place eco-friendly upgrades in their homes. Upgrades can have a significant impact on the cost of utility bills. It is said that some upgrades can save electricity costs between 170 and $200 a year.
Tax credits that benefit homeowners making green upgrades
Beginning this year homeowners can claim tax credits up to 30% of the costs of any eligible energy upgrade made in a home. The amount a homeowner is able to claim will vary upon the specific improvement that was made and has a limit Of $1200 per year. If an electric heat pump is being installed the benefit will increase to $2000. Due to the limit on available tax credits, it could make sense for Omaha homeowners to take their time with home improvements to get the biggest benefit from this incentive.
Eligible green home improvements include having a home energy audit, installing energy-efficient exterior doors windows, or skylights, installing a heat pump, upgrading insulation, upgrading electrical panels, and installing certain types of energy-efficient air conditioning systems, water heaters, appliances, and HVAC units.
Some of the current tax credits available to homeowners making energy-efficient upgrades to their homes include the Residential Clean Energy Tax Credit and the Alternative Fuel Refueling Property Tax Credit.
It is well worth it to check into these new federal programs if you have considered upgrading your home systems to be more energy efficient. You can also check with your local government to see if there are any additional incentives for upgrading. You can also look into your utility provider as they will also add their own incentives for installing energy-efficient fixtures. One example is installing a tankless water heater often your local utility company will offer a rebate.
For more information on purchasing or selling a home in Omaha Nebraska and surrounding areas please contact us anytime.
