According to Newsweek Florida homeowners can now take advantage of substantial rebates of up to $14,000 thanks to President Joe Biden’s Inflation Reduction Act. This initiative is part of the federal Home Energy Rebates Program, which aims to support a variety of home upgrades to enhance energy efficiency.
Under the Inflation Reduction Act, which was signed into law in August 2022, $750 billion has been invested in climate initiatives, healthcare, and tax reforms. Florida has been allocated $346 million from this program to support homeowners throughout the state.
According to Kevin Thompson, a finance expert and CEO of 9i Capital Group, βDollars go to households that can reduce their energy consumption by 20 percent, or to low- to middle-income families looking to electrify their homes. They could receive up to 100% of the cost fully rebated.β
Floridians can earn rebates through several types of home improvements:
- Appliance Upgrades: Replacing outdated appliances with energy-efficient models.
- Insulation Enhancements: Improving insulation to reduce heating, ventilation, and air conditioning (HVAC) usage.
- Heat Pump and Electrical Panel Replacements: Upgrading to modern, efficient systems.
- Weather Stripping: Installing weather stripping to improve energy efficiency.
Homeowners may qualify for either up to $8,000 or $14,000 in rebates, depending on their circumstances:
- Up to $8,000 is available for projects that reduce a home’s energy use by 20%.
- Up to $14,000 can be earned by low- and middle-income households that upgrade and electrify their homes. For these households, the rebates cover 50% of the cost for middle-income families and 100% for low-income families.
Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, noted, βThese rebate programs have proven successful in other states due to the ease of qualifying. Hopefully, Floridians will take advantage of it to upgrade their homes more affordably.β
The rebate program is expected to not only help homeowners save on utility costs through more efficient equipment but also provide a boost to Floridaβs economy. Thompson explained, βWith the government subsidy, Florida can offset some costs and potentially keep $346 million for other state projects.β
In addition to Floridaβs new rebates, other states have also introduced financial support programs:
- Arizona: Governor Katie Hobbs approved a rebate for households with dependents, offering $250 per child under 17 and $100 for older dependents, with a maximum payment of $750. This program benefited around 743,000 residents.
- New Mexico: Governor Michelle Lujan Grisham provided a rebate of $1,000 for married couples and $500 for single filers as part of a broader effort to support families during times of high inflation.
These initiatives demonstrate ongoing efforts to provide financial relief and promote energy efficiency across the country.
Matt Pinner is a dedicated journalist for WVPrepBB.com, specializing in USA and crime news. With a keen eye for detail and a passion for uncovering the truth, Matt brings timely and insightful reporting to his readers. His work on WVPrepBB.com keeps the community informed and engaged with the latest developments in national news and criminal justice.
