Incentive Programs Help You Save
Incentive Programs
Federal Income Tax Credits and Incentives for Energy Efficiency
The Inflation Reduction Act of 2022 provides federal tax credits and deductions that empower Americans to make homes and buildings more energy-efficient to help reduce energy costs while reducing demand. The tax credit offers up to $3,200 a year through 2032 for many improvements, including heat pumps, insulation, heat pump water heaters, windows, and doors. ENERGY STAR has created a video to explain how Americans can take advantage of federal tax credits for energy-efficient home improvements.
Savings for Homeowners
New federal income tax credits are available, providing up to $3,200 annually to lower the cost of energy efficient home upgrades by up to 30 percent. Improvements such as installing heat pumps, heat pump water heaters, insulation, doors and windows, as well as electrical panel upgrades, home energy audits and more, are covered by the tax credits and can help PWC families save money on their monthly energy bills for years to come.
If you plan on making any energy efficiency upgrades click this link – FAQ About Energy Efficient Home Improvements – to find out more information from the IRS on how you can claim them on your taxes.
NEW PROGRAM: Energy Rebates for Income Eligible Households
PWC electric customers can take advantage if eligible for the Energy Saver NC Program. This program provides energy rebates to income-eligible households for cost- and energy-saving home upgrades and appliances on a first come, first served basis.
Energy Saver NC includes two U.S. Department of Energy rebate programs — the Homeowners Managing Efficiency Savings (HOMES) and the Home Electrification and Appliance Rebates (HEAR).
As part of Energy Saver NC, whole-home energy savings rebates can be up to $16,000 for eligible single-family homes. High-efficiency electric appliance rebates can be up to $14,000 per dwelling unit, which can include the following:
- $8,000 for a whole-home heat pump for space heating and cooling.
- $4,000 for an electrical panel.
- $2,500 for electrical wiring.
- $1,750 for a heat pump water heater.
- $1,600 for insulation, air sealing and ventilation.
- $840 for heat pump clothes dryer and/or electric stove, cooktop, range or oven.
How does Energy Save NC help eligible income households?
Energy Saver NC will help low- and moderate-income North Carolina families save money on utility bills, make their homes healthier and more comfortable, reduce emissions and improve air quality. From insulation of doors and windows to cooking dinner on their new electric stovetop, this critical program will help to improve the lives of North Carolinians every day.
Energy Saver NC focuses on single-family, owner-occupied housing, particularly those in high energy-burdened, disadvantaged regions and in areas with storm impacts. Single-family homeowners making less than 80 percent of their area median income (AMI) may be eligible for rebates. Rebates at lower amounts will be available for moderate-income homeowners earning between 80 percent and 150 percent of their AMI.
Income-eligible North Carolinians can now start the application process to potentially save thousands of dollars on energy-saving home upgrades and appliances at www.energysavernc.org. There is also a FAQ section available, here.
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