Now is the Best Time to Make Your Home Energy Efficient
The Inflation Reduction Act of 2022 reinstated the 25C residential homeowner tax credit for insulation and air sealing through 2022. Until Dec. 31, 2022, homeowners may be eligible for a federal tax credit up to $500 or 10% of their purchase of insulation to their main home, whichever is lower.
Starting January 1, 2023, the legislation increases the 25C tax credit and makes it valid from Jan. 1, 2023 through Dec. 31, 2032. Taxpaying homeowners can receive a federal tax credit up to 30% of their purchase, up to $1,200. A tax credit reduces the tax owed, dollar for dollar.
Additionally, Chicago Green Insulation is able to install solar panels to dramatically increase the saving opportunities for you by allowing home owners that are purchasing solar panels to also purchase from us and install solar panels with their foam insulation and receive a 30% Federal Tax Credit and additional savings on the month over month utility bills for the life of the home AND all of that work can be financed for up to 30 years for homeowners with good credit! This incentive is only available to families doing both solar and spray foam insulation (For all tax related questions, please consult your tax professional for clarification on how this works. If you would like to talk to our tax advisors, please call us to arrange for that conversation.). This incentive has already started so no need to wait until January 2023!
Beginning January 1, 2023, you can qualify for rebates on new HVAC equipment and upgrades to your electric service totaling as much as $14,000 per home! Additionally, those tax credits increase to $1,200 for weatherization (things like air sealing and insulation) and $2,000 for heat pumps and heat pump water heaters. Final details and requirements for these incentives will be released later by the IRS to the state government. Additionally, starting in 2023 a performance-based rebate is provided to homeowners who undertake energy efficiency home retrofits. A 35% or more energy reduction earns a $4,000 rebate. 15% or more earns a $2,000 rebate. (Attic insulation projects that are inclusive of the whole attic typically reduce tons of cooling required by 50% and BTU’s required for heat by 2/3)
Are you ready to take advantage of these savings, while making your home energy-efficient? Now is the time to contact Chicago Green Insulation for your spray foam and solar needs. Remember, comfort is only a FOAM Call away.