Inflation Reduction Act Creates New High-Energy Efficiency Home Rebates

The Inflation Reduction Act also creates new high-energy efficiency home rebates for taxpayers whose household income is less than 150% of the median income for their area of residence. Households with income below 80% of the median area income are eligible for a full rebate (up to the $14,000 cap). Those with income that falls between 80% and 150% of the area median income are eligible for rebates of up to 50% of their costs (again subject to the $14,000 cap). Taxpayers may also be eligible for rebates if they cut energy use across their home by certain thresholds These rebates will be administered by state energy offices pursuant to rules established by the Department of Energy. For more information on these rebates and the newly expanded clean energy tax credits for individual taxpayers, visit Tax Facts Online. : Q 767. Note: updated with a new Q.