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Some States Will Offer Home Energy Rebates in 2024

Some States Will Offer Home Energy Rebates in 2024

May 13, 2024

The Inflation Reduction Act of 2022 included two provisions allowing rebates for home energy efficiency retrofit projects and home electrification and appliance projects. These home energy rebate programs are to be administered by state energy offices, with the U.S. Department of Energy (DOE) providing guidance and oversight. States are not required to offer these rebates.

Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are expected to be available in some states starting in 2024 (possibly delayed until 2025 for others).

DOE home energy rebates limits

The maximum amounts allowed for DOE home energy rebates and the factors that help determine the rebate amounts that may be available are summarized in the table below. An installed technology may be eligible for rebates either because of its predicted energy savings or because of its inclusion on the home electrification project qualified technologies list, but not for both reasons in a single household.

*States may increase the maximum amount of home efficiency rebates available for low-income households — including up to 100% of project costs — upon approval from the DOE.

**Maximum rebated costs for home electrification project qualified technologies:

  • Energy Star electric heat pump water heater — up to $1,750
  • Energy Star electric heat pump for space heating and cooling — up to $8,000
  • Energy Star electric heat pump clothes dryer — up to $840
  • Energy Star electric stove, cooktop, range, or oven — up to $840
  • Electric load service center — up to $4,000
  • Electric wiring — up to $2,500
  • Insulation, air sealing, and ventilation — up to $1,600

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

This article was prepared by Broadridge.

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