MAP SHOWS STATES OFFERING HOME REBATES
After the federal government passed the Inflation Reduction Act, states have been preparing to offer several home rebates to Americans.
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New York has been the first state to make the rebates available to those who implement specific home energy efficiency upgrades, with applications going live on May 30. Meanwhile, Washington, California, Wisconsin and Maine have been approved for the rebates, but residents will just have to wait a little bit longer.
The rest of the states are either in the middle of preparing their applications or have already applied and are waiting to hear back.
"The rollout of these rebates is like watching a race where some states have sprinted ahead while others are still tying their shoelaces," Michael Ryan, a finance expert and the founder of michaelryanmoney.com, told Newsweek. "New York has taken the lead, offering up to $14,000 in rebates."
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Several more states are anticipated to make the rebates available by September, the federal government has said.
The map shows the status of the states and their rebates below:
The federal government previously said Americans can expect more states to start offering the Inflation Reduction Act rebates. In New York, that means low-income Americans could secure a maximum of $14,000 in money for different home updates.
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President Joe Biden passed the Inflation Reduction Act in 2022, with a key piece of the law advocating for $8.8 billion to go back to Americans in the form of two home energy rebate programs: the Home Efficiency Rebates program and the Home Electrification and Appliance Rebates (HEAR) program.
Via the programs, Americans can acquire funding to make their homes more energy efficient. This saves them money in the long run while lowering their carbon footprint in the process.
From air sealing installations, insulation, and electric heat pumps to electric stoves and more, there are plenty of options for Americans looking to take advantage of the rebate options.
Ryan said high energy costs often strain household budgets, meaning for many Americans, the rebates are a huge help.
"They're not just about saving a few bucks. We're talking potential annual savings of $1 billion across the country," Ryan said "That's real money staying in people's pockets."
While New York has fast-tracked the rebate process, some states with more limited resources are slower to get the rebates into residents' hands. But that doesn't mean residents shouldn't keep their eyes peeled for when they become available, Ryan said.
"In my years as a financial planner, I've learned that the biggest opportunities often come with the biggest hurdles," Ryan said. "These rebates are no exception. They offer substantial benefits, but navigating the application process and understanding the options can be overwhelming for many homeowners."
He added: "Don't wait for your state to catch up. Start planning now. Research energy-efficient upgrades that make sense for your home. And most importantly, start budgeting. Even with rebates, these upgrades require an upfront investment."
