Save Money on Clean Energy Upgrades to Your Home or Business!
Homeowners today are increasingly interested in finding ways to enhance the energy efficiency of their homes, not only for the benefit of the environment but also to save on energy costs. Fortunately, the landscape for energy-related savings has expanded with the introduction of the Inflation Reduction Act (IRA) in 2022, the federal initiative aimed at promoting clean energy and environmental justice. This act allocates $370 billion in funding for nationwide clean energy initiatives.
Walden recognizes the significance of this initiative and assistance and remains committed to helping our clients and communities in incorporating this and other related aspects into their projects and sites. This development brings about opportunities to make a real impact on energy efficiency and sustainability. Under the IRA, a substantial portion of the funding includes tax credits and rebates, offering financial incentives for individuals and businesses to pursue energy-efficient upgrades and invest in clean energy technologies such as solar panels, electric vehicles (EVs), and heat pumps.
These incentives are set to remain available until 2032, providing ample time for residents and businesses to harness these savings and transition toward low-carbon technologies. Moreover, these incentives can often be combined with existing state tax credits or rebates, allowing for an even more substantial impact.
Where to start?
Walden recommends that you consider these items first:
- Outdoor Motion Sensor Lighting
Do you wonder how much energy you can save by automating the on/off settings of your outdoor lights? Installing outdoor motion sensor lighting not only decreases your electricity bill but also contributes to your home’s energy efficiency goals by switching lights off when it is not necessary for them to be on.
- Smart Thermostats
Smart thermostat devices offer remote access, allowing you to adjust settings from anywhere using your smartphone or computer. Furthermore, by setting up customized schedules for heating and cooling based on your routine, this technology reduces energy consumption without compromising comfort. The available tax credits and rebates for smart thermostat installation lower the initial investment and enhance the long-term savings potential.
- At-Home Batteries
At-home energy storage systems reduce dependence on the grid, providing a reliable source of power during challenging conditions and maximizing energy savings. Tax credits and rebates may be available for installing such technologies, depending on your location and utility provider, which make them more feasible for homeowners.
- Solar Power
As the popularity of solar energy continues to grow, a significant portion of residential homes now incorporate solar power into their energy mix. In 2022, solar energy contributed to 4.8% of the United States’s electrical generation, and this figure is expected to rise.
- Electric Vehicles
The legislation has encouraged residents and businesses to switch from gas-powered vehicles to EVs, offering financial incentives and an expanding selection of eligible models. Combining the federal tax credits with state and local incentives can save residents up to $9,500 on new EVs, dependent on the model and weight of the vehicle.
Walden’s Commitment to Progress
At Walden, we remain committed to supporting our clients and communities in taking advantage of opportunities available to support the adoption of sustainable practices. Our services encompass the tasks necessary to make these improvements a reality for your facility or community.
Have questions regarding these topics or facing site challenges? Contact Walden today, and we can help you determine the impact of implementing the above technologies and the credits and incentives available, with the goal of decreasing household and business operating expenses.