The Inflation Reduction Act is the largest clean energy investment America has ever made, and it includes a variety of up-front discounts, tax credits and low-cost financing for home energy upgrades. While details are still being worked out, we’re compiling a list of resources to make sure our members are able to take full advantage of the IRA funds when they become available.
Combined with savings at the state level, rebates from our local energy partner organizations, and our own rebates, there has never been a better time to invest in energy efficiency and electricity upgrades for your home or business.
How to tap into new state & federal tax credits for batteries?
Pay off your Power+ balance by the end of your installation year.
Power+ provides an easy and affordable option for battery energy storage by allowing members to pay off their system over 10 years on their monthly electric bill at 0% interest.
However, with new tax rules, members who are able to fully pay off their system within the year it’s installed may now be eligible for up to 40% federal and 10% state tax credits, potentially saving thousands of dollars in the long run.
Whether you choose to spread your payments out over 10 years at 0% interest or pay your entire balance off by the end of your installation year to take advantage of the tax credits, there are great benefits to both options:
Navigating new electric vehicle resources
2024 is shaping up to be a great time to make the switch to an electric vehicle. Here are helpful new resources if you’re considering purchasing an EV in the new year.
Information on tax credits:
- Colorado taxpayers are eligible for a $5,000 EV rebate from the state for new EV purchases or leases, whether you owe that much tax or not.
- The $7,500 Federal EV rebate is now available as an instant rebate at the time of purchase from participating dealers. If you and your EV qualify, that means you won’t have to wait until next year’s taxes to receive those savings. Also new for 2024, you can qualify for the full $7500 rebate even if you don’t owe that much in taxes.
Updated HCE rebates & resources:
- Charge at Home now works with EV chargers from four different manufacturers. Choose an approved charger that best suits your needs, and we’ll rebate the full cost of up to $549.
- We also recently published a list of local, vetted, Preferred EV Charger Installers to help you find an experienced electrician in your area to help with your charger installation.
Estimate your potential savings
Rewiring America has created a savings calculator to help you estimate how much money is available to you based on your location, household income, and tax filing status. Enter your household information to find out what your estimated maximum savings could be.
Please note: these numbers are estimates based on your maximum potential rebate and tax incentive savings under the IRA.
Learn more about upcoming IRA home energy rebates
The Department of Energy has compiled a detailed list of Frequently Asked Questions about the upcoming home energy rebates. Learn more about what qualifies and what you can do now to prepare.
Sign up for updates from the state
The Colorado Energy Office will adminster direct-to-consumer energy efficiency and renewable energy rebates funded by the federal Inflation Reduction Act. As agencies across the country await guidance from the federal government on these rebate programs, you can sign up here to receive updates about federal rebates in Colorado as more information becomes available.
See how tax incentives changed for 2023 and beyond
Many new and expanded tax credits for families are taking effect starting in 2023 for investments including battery energy storage, energy-efficient appliances, electric vehicles, and more. Check out the White House’s guide for a simplified explanation of all the updated tax credits.
Start with a home energy audit
Not sure where to start? Our energy partner organizations offer professional home energy audits that can help you determine the best upgrades for your home. Contact the organization in your area to get started.
Pair your savings with Holy Cross Energy rebates!
Beyond the upcoming savings at the federal and state level, we’re proud to continue offering a variety of energy efficiency and smart electrification rebates to help our members invest in high efficiency equipment for their home or business.