Some States Will Offer Home Energy Rebates in 2024

by | May 7, 2024 | Wealth Management, Go Green

The Inflation Reduction Act of 2022 included two provisions allowing rebates for home energy efficiency retrofit projects and home electrification and appliance projects. These home energy rebate programs are to be administered by state energy offices, with the U.S. Department of Energy (DOE) providing guidance and oversight. States are not required to offer these rebates.

Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are expected to be available in some states starting in 2024 (possibly delayed until 2025 for others). The DOE tracks the application progress of states on

DOE home energy rebates limits

The maximum amounts allowed for DOE home energy rebates and the factors that help determine the rebate amounts that may be available are summarized in the table below. An installed technology may be eligible for rebates either because of its predicted energy savings or because of its inclusion on the home electrification project qualified technologies list, but not for both reasons in a single household.

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*States may increase the maximum amount of home efficiency rebates available for low-income households — including up to 100% of project costs — upon approval from the DOE.

**Maximum rebated costs for home electrification project qualified technologies:

  • Energy Star electric heat pump water heater — up to $1,750
  • Energy Star electric heat pump for space heating and cooling — up to $8,000
  • Energy Star electric heat pump clothes dryer — up to $840
  • Energy Star electric stove, cooktop, range, or oven — up to $840
  • Electric load service center — up to $4,000
  • Electric wiring — up to $2,500
  • Insulation, air sealing, and ventilation — up to $1,600

Prepared by Broadridge. Edited by BFSG. Copyright 2024.

Disclosure: BFSG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to BFSG’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Company), will be profitable or equal any historical performance level(s). Please see important disclosure information here.

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