Insulation Tax Credits and the Inflation Reduction Act for Your Michigan Home
Homeowners who invest in energy-efficient home upgrades can save money through the Inflation Reduction Act of 2022. Products that qualify for federal tax credits include insulation, electric vehicles, home energy audits, geothermal heat pumps, and central air conditioners. Continue reading to learn more.
What Is the Inflation Reduction Act of 2022?
The Inflation Reduction Act of 2022 aims to address climate change and help the country become more sustainable by cutting greenhouse emissions by about 40% through energy-efficient upgrades. Homeowners who participate receive a reward through tax credits. For example, purchasing a brand-new electric vehicle qualifies for a tax credit of up to $7,500 and a used EV of up to $4,000. If you purchase an oil furnace or ENERGY STAR gas furnace, you can claim up to 30% of its cost or a $600 maximum. For heat pump water heaters, homeowners can claim up to $2,000.
Insulation Tax Credits in Michigan
You can maximize your tax credits by getting a professional energy audit to identify cost-effective ways to make your home more energy efficient. We recommend working on your attic insulation first to seal your home and conserve energy. Homeowners can claim about 30% or up to $150 of the cost of the audit and up to $1,200 for the insulation.
Eligible insulation products include blown-in attic insulation, spray foam, batts, and rigid boards. Air-sealing products such as weather stripping, caulking, house wrap, and spray foam in a can also qualify.
Who Qualifies for the Insulation Tax Credits in Michigan?
Existing homeowners in Michigan or anywhere in the United States are qualified to claim tax credits. The home you occupy must be your primary residence. Eligible homes include houses, mobile homes, houseboats, condominiums, apartments, and manufactured homes. You’re not eligible for financial incentives if you live in a rental or newly constructed home.
Learn More About the Energy-Efficient Home Improvement Incentives
Homeowners planning to switch to energy-efficient appliances or products can reduce energy waste and claim tax credits by taking advantage of the Inflation Reduction Act of 2022. If you have appliances that are no longer efficient, we recommend upgrading them to save money. Check your utility bill and consider getting an audit to determine your energy consumption and how you can save money.
Save Money and Upgrade Your Home With Zebra Insulation
Do you want to lower your energy bills, save money, and help the environment simultaneously? We recommend replacing your old insulation to make your home more energy-efficient. Our technicians at Zebra Insulation LLC are insulation experts. We serve clients in southeastern Michigan, including Ann Arbor, East Lansing, and Howell, and specialize in professional insulation installation and removal. We also provide consultations to determine if your home needs additional insulation or other energy-efficient solutions. Contact us today to get started.
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