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This week, we want to go back to our discussion regarding the Inflation Reduction Act!
We feel as though the new programs and funding brought by the IRA will be of great interest to all our customers who would be interested in saving money with their HVAC. And who doesn't want to save money?
Recently, we've had the pleasure of attending a webinar by Pearl Certification that was hosted by the AnnDyl Policy Group. As a policy-strategy firm based in Washington D.C., the AnnDyl Policy Group was able to elaborate on the various rules on eligibility and rebate amounts for the IRA as well as shed light on the number of various programs that would receive funding.
The Residential Programs
Firstly, there are many residential programs across the board that receives funding from the IRA. Here are a few we know of:
• Home Owner Managing Energy Savings (HOMES) Rebates
• State-Based Home Energy Efficiency Contractor Training Grants
• High-Efficiency Electric Home Rebate Program
• Greenhouse Gas Reduction Fund
• 25C Energy Efficient Home Improvement Tax Credit
• 45L New Energy Efficient Home Tax Credit
Home Owner Managing Energy Savings (HOMES) Rebates
A couple weeks ago, we went over some basic details of the High-Efficiency Electric Home Rebate Program. This time, we'll go over some details of the Home Owner Managing Energy Savings (HOMES) Rebates.
With the IRA funding roughly $4.3 billion to the program, the HOMES Rebates will be available steadily through 2031. Rebates will be available for home energy efficiency retrofits that are modeled to achieve or have been measured to achieve verifiable minimum energy use reductions:
> Modeled: $2000 for 20% savings, $4000 for 35% savings
> Measured: energy savings of at least 15% portfolio, based on Average State House 20% energy savings
> Capped at 50% of project cost for market-rate (over 80% average measured income AMI)
HOMES Rebates: Details and Eligibility
With the IRA funding roughly $4.3 billion to the program, the HOMES Rebates will be available steadily through 2031. Rebates will be available for home energy efficiency retrofits that are modeled to achieve or have been measured to achieve verifiable minimum energy use reductions:
> Modeled: $2000 for 20% savings, $4000 for 35% savings
> Measured: energy savings of at least 15% portfolio, based on Average State House 20% energy savings
> Capped at 50% of project cost for market-rate (over 80% average measured income AMI)
To further clarify, the eligibilities and rebates for the modeled and measured logics, the chart provided by Snugg Pro paints a really nice picture:
For low-income and moderate-income households, rebates are actually doubled (up to $8000 capped at 80% of project cost)
This includes a "prohibition of combining rebates" provision in order to prevent double-dipping with other federal grants or rebates (including the aforementioned High-Efficiency Electric Home Rebate Program).
What to Expect
As time goes on and more details are released for the various other programs, we'll continue to post these details for you all! Get excited! Yuhan Heating & Cooling will prepare for these incentives so that our customers can take advantage of these rebates. The green initiatives that the government is moving towards and the potential savings that everyone can cash in on should be a new look towards a brighter future.
To read more about the modeled and measured logic of the HOMES Rebates from Snugg Pro, you can visit their website:
If you'd like to learn more about the Pearl Certification, you can visit their website:
If you'd like to learn more about the AnnDyl Policy Group, you can visit their website:
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