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 IRA, Wisconsinites can save more than ever before on energy-efficient home and vehicle upgrades. The IRA 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, the IRA 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
IRA programs provide incentives to homeowners in the form of tax credits and rebates.
Here are the key differences:
IRA 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 IRA 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 from the IRA. Learn about how the process worked for her, how she is saving money and reducing her carbon footprint
Coming Soon: 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 will be rolling out two rebate programs:
Wisconsin has launched part of its Home Energy Rebate Program, facilitated by Focus on Energy! Here is what you need to know.
Wisconsin will be rolling out two rebate programs:
The Home Efficiency Rebate (HOMES) Program
Under the Home Efficiency Rebates Program (HOMES), Wisconsin residents are now eligible for rebates towards the cost of energy-saving, whole-home improvements in existing single-family and multifamily buildings, such as insulation and efficient heating/cooling equipment of up to $8,000.
The Home Electrification and Appliance Rebate (HEAR) Program
Starting in the fall of 2024, The HEAR Program will provide instant discounts – up to $14,000 – to households installing efficient electric equipment to help further electrify their homes, including heat pumps and electric stoves. Additional qualified improvements include insulation, air sealing, and upgraded electrical panels.
- Heat pump water heaters, space heaters, and clothes dryers
- Electric stoves, cooktops, ranges, ovens
- Electrical panels and wiring
- Insulation, air sealing, and ventilation
Interested in learning more? Visit the Focus on Energy website.
Electric vehicle (EV) owners in Wisconsin can benefit significantly from the Inflation Reduction Act (IRA) tax incentives and rebates. The IRA 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.
