The Inflation Reduction Act can help you save money as a homeowner. Here are some ways you can combine the tax credits from the Inflation Reduction Act with the year-round money-saving power of a Home Service Plan from 2-10 Home Buyers Warranty (2-10).
Renewable Energy Gets Favorable Tax Credits
A big benefit of the Inflation Reduction Act for homeowners is the tax benefits it provides when homeowners convert to renewable energy.
For example, the Energy Efficient Home Improvement Credit makes homeowners eligible to save up to 30% on upgrading their home to be more energy efficient. Here are a few things you can upgrade, and the potential tax credits you can receive:
- $2,000 when installing a heat pump or heat pump water heater
- $600 on a new electrical panel
- $600 for new exterior windows/skylights
Additionally, it’s possible to receive tax rebates for installing solar panels or purchasing an electric vehicle.
Combining Law With 2-10 Protection
You can combine your potential tax credits through the Inflation Reduction Act with 2-10 protection to save even more money.
For example, if you install a qualifying heat pump and new electrical panel, you can claim up to $2,600 in tax credits. Then, with qualifying 2-10 Home Service Plan, you can protect your heat pump and electrical panel from unexpected, expensive breakdowns, helping you save even more!
Do Electric Stoves Qualify?
Certain states may provide rebates for the purchase of electric stoves, cooktops, and ranges. In some cases, you may be eligible for up to a $840 rebate for a new electric stove, plus an additional $500 if you’re converting from gas to electric!
And it could get even better when you’re a 2-10 Member. Your 2-10 Membership comes with the Appliance Discount Program. This program offers big discounts the family of GE appliance brands including Profile™, Cafe™, GE®, Monogram®, Haier®, and Hotpoint®. Plus, savings of up to 30% on Whirlpool®, Amana®, KitchenAid®, and Maytag® appliances.
On top of these potential savings, converting from gas to electric may also help reduce health issues associated with gas stoves. For more information on the pros and cons of electric vs. gas stoves, read our article.
How Long Do These Credits Last?
Many of the rebates and tax credits related to the Inflation Reduction Act mentioned above last until around 2030–2032. So, now is a good time to begin planning to take advantage of the rebates and credits.
2-10 Can Help You Save More
The tax credits and rebates from the Inflation Reduction Act are a great way to start reducing the overall costs of homeownership. Another great way to reduce the costs of homeownership year-round is with a 2-10 Home Service Plan.
Your 2-10 Home Service Plan can help you protect important items like your furnace, air conditioner/heat pump, water heater, kitchen appliances, and more. Plus, it gives you access to 2-10’s exclusive money-saving Happy Homeowner Program®, which offers all sorts of discounts to 2-10 Members.
Start taking advantage of a 2-10 Home Service Plan today to reap even bigger benefits from the Inflation Reduction Act!
