More states expected to roll out Inflation Reduction Act energy-efficiency rebates this summer
New York is launching a program offering homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property, and more states are expected to follow suit by summer's end.
The rebate programs are part of the federal Inflation Reduction Act, the largest piece of climate legislation in U.S. history, which President Joe Biden signed in 2022.
The law earmarked $8.8 billion for consumers via two Home Energy Rebates programs.
The financial incentives help consumers reduce or fully offset the cost of upgrades to make their homes more energy-efficient, thereby reducing carbon emissions and cutting homeowners' future energy bills, state and federal officials said.
Such projects might include installing air sealing, insulation, electric heat pumps and electric stoves, for example.
More from Personal Finance:
Here's how to buy renewable energy from your electric utility
What the SEC vote on climate disclosures means for investors
Here's why FEMA has spent about $4 billion to help destroy flood-prone homes
New York launched part of its rebate program on May 30, making up to $14,000 of federal funds available to low-income households.
When combined with a fledgling state program called EmPower+ — which offers up to $10,000 per low-income household — consumers can access up to $24,000 in total rebates for making energy-efficiency upgrades, according to Doreen Harris, president and CEO of the New York State Energy Research and Development Authority.
States, territories and tribes — which administer the programs — must apply for the federal funds.
Seventeen states had applied for Home Energy Rebates funding as of June 14, according to the U.S. Energy Department. New York was the first to roll out funding to
Read more on cnbc.com
