Energizing Your Home with the IRA
How Wisconsinites can save on energy-efficient upgrades
How Wisconsinites can save on energy-efficient upgrades
Thanks to the federally funded climate investments, Wisconsinites can save more than ever before on energy-efficient home and vehicle upgrades. This historic federal funding offers incentives for Wisconsin households to transition to cleaner energy consumption and save money on energy expenses – whether you are a driver, homeowner, renter or landlord.
Not only that, this funding is providing additional incentives to purchase a new or used electric vehicle.
Find Out How You Can Save
Check out this calculator from Rewiring America to discover the savings available to you through the IRA.
Check out this calculator from Rewiring America to discover the savings available to you through the IRA.
The Difference Between a Tax Credit and a Rebate
This landmark climate legislation programs provide incentives to homeowners in the form of tax credits and rebates.
Here are the key differences:
This landmark climate legislation programs provide incentives to homeowners in the form of tax credits and rebates.
Here are the key differences:
Tax Credit:
A tax credit reduces the amount of income tax you owe for your annual tax return, dollar-for-dollar. It lessens what you owe in taxes, which means you ultimately get a bigger tax refund. Purchases made in 2024 would be applied to your 2024 tax return, which you would file in 2025.
Rebate:
A rebate is an upfront discount, giving you cash back after a purchase – usually more quickly than a tax credit.
Rebates may have parameters, such as income ranges, to determine eligibility.
Can I Claim Both?
You may be able to claim both a tax credit and a rebate, depending on the enhancements you make to your home. Not only that, but provisions in the climate legislation may allow you to claim multiple tax credits at once.
For instance, if you install more than one renewable energy product on your property in a given year – such as a heat pump and solar panels – you can receive a tax credit and a rebate.
How Wisconsin Homeowners are Benefiting from the IRA
Learn more about Jacqui Guthrie, a Stevens Point educator and city council member who installed solar with the help of clean energy tax incentives. Learn about how the process worked for her, how she is saving money and reducing her carbon footprint
Start Saving with Wisconsin’s Home Energy Rebate Program!
Wisconsin has launched part of its Home Energy Rebate Program, facilitated by Focus on Energy! Here is what you need to know.
Wisconsin has launched part of its Home Energy Rebate Program, facilitated by Focus on Energy! Here is what you need to know.
The Home Efficiency Rebate (HOMES) Program
The Home Electrification and Appliance Rebate (HEAR) Program
Electric vehicle (EV) owners in Wisconsin can benefit significantly from the Inflation Reduction Act (IRA) tax incentives and rebates. This clean energy plan provides federal tax credits for purchasing new and used EVs, reducing the overall cost of ownership.
- New EV purchases can qualify for up to $7,500 in tax credits
- Used EV purchases can receive up to $4,000
Additionally, there are rebates available for installing home charging stations, making it more affordable for EV owners to set up convenient charging solutions. These incentives not only help reduce the initial investment in EVs but also support the adoption of clean energy vehicles, contributing to a more sustainable future for Wisconsin residents.
