The Inflation Reduction Act and You!

We can all agree that saving money is nice. The latest technology can be cool to own. Working to save the planet can make you feel pretty great inside. Combining all three would be awesome. The Inflation Reduction Act allows every family in Naperville to achieve this level of awesomeness!

According to Rewiring America, with the Inflation Reduction Act, homeowners and renters are eligible for thousands of dollars in upfront costs or tax credits for energy efficiency improvements, heat pumps, solar, electric vehicle charging, and more. 

For lower income families, starting in 2023 upfront costs are covered up to the amounts shown:

Electric Panel: $4,000

Electric Stove: $840*

Electric Wiring: $2,500

Heat Pump Water Heater: $1,750*

Heat Pump Air Conditioner/Heater: $8,000*

Heat Pump Clothes Dryer: $840*

Weatherization: $1,600

Whole Home Energy Reduction: $8,000 (up to $4,000 for higher income households)

Tax credits are available for any household (some available this year and others starting in 2023):

Battery Storage Installation: 30%

Geothermal Heating Installation: 30%

Electric Panel: $600

New Electric Vehicle: $7,500*

Used Electric Vehicle: $4,000*

Heat Pump Air Conditioner/Heater: $2,000

Heat Pump Water Heater: $2,000

Rooftop Solar Installation: 30%

*Also available to renters.

By adopting these technologies, a typical household can save around $1250 per year in energy costs.

If you want to calculate your own potential savings based on your household size and income, visit the IRA Calculator page on the Rewiring America website.

In addition to these incentives, Naperville Electric Utility and IMEA (our electricity provider) and the state of Illinois offer additional incentives, making the right choice for the planet the smart choice for your wallet. Details on how to access these incentives are found on our website

Considering making these energy efficient, greenhouse gas reducing, cutting edge technology upgrades in 2023, but aren’t sure where to start? Email [email protected] and we will share our experiences and guide you to what will have the greatest impact. It’s time to #electrifyeverything!