Residents of Anoka, MN can upgrade their home appliances, electrical systems, lighting fixtures, and more while taking advantage of impressive tax rebates and other incentives. With the right projects, you can add value to your property, decrease your carbon footprint and put money in the bank. Read on to discover how you can save when investing in electrical improvements.
Earn Up to $8,000 in Tax Credits Under the Inflation Reduction Act
The 2022 Inflation Reduction Act earmarked a whopping $8.8 billion dollars for home electrification and efficiency projects. All homeowners can claim their fair share of these monies by investing in qualifying home upgrades. As in other areas, Anoka locals can pair these offers with additional incentives offered by states and local utility service providers.
Get Cash for Home EV Charger Installation
If you own an all-electric vehicle (EV), there are several incentives to install your own at-home charging station. The branded Level 1 charging cords that EVs typically come with can take up to 56 hours to charge EV batteries completely. With a Level 2 EV home charger, you can power your EV’s battery within just 4 to 10 hours.
If you install a qualifying EV home charger, you can apply for a tax credit of up to $1,000 or 30% of your charger’s cost under the Inflation Reduction Act. If you live in a low-income area, a rural area, or any area that lacks significant infrastructure for supporting EV driving, you can also use the 30C Tax Credit Eligibility Locator tool provided by the Internal Revenue Service (IRS) to add an additional tax credit to your savings.
Invest in an Electrical Panel Upgrade
Homeowners who install eligible electrical panels are qualified to receive tax credits of up to $600 or up to 30% of their project costs. The 25C Energy Efficient Home Improvement Tax Credit applies to all panel upgrades that enable homeowners to use heat pump water heaters, heat pumps, or other qualifying appliances. You don’t have to switch to a heat pump at the time of installation to enjoy this incentive.
The goal of the 2022 Inflation Reduction Act is to limit the financial burden of electrifying homes. This effort awards “beneficial electrification” projects or upgrades that gradually electrify homes for marked and immediate monetary and energy savings.
Save on HVAC Upgrades
Residents of Anoka can also receive tax credits of up to $2,000 or 30% of their project costs when installing qualifying HVAC equipment. According to the United States Department of Energy (DOE), HVAC use often accounts for up to half of the average home energy bill. Thus, with highly efficient heating and cooling equipment, you can save at tax time and enjoy month-to-month energy savings. Qualifying equipment includes:
- Single package air-source heat pumps
- Split-system air-source heat pumps
- High-efficiency boilers
- Single package central ACs
- Ductless mini-split heat pumps and air conditioners
Furnaces, geothermal heat pumps, solar water heaters, tankless water heaters, and high-efficiency storage-based water heaters qualify. The best way to find products eligible for these rewards is by working with reputable, licensed installers.
Save When Upgrading Your Home’s Electrical Wiring
The electrical wiring in your Anoka home could last 50 to 70 years. However, factors like insufficient insulation, pest infestation, and high humidity can accelerate the degradation of electrical wires. As people become increasingly reliant on technology, older electrical systems gradually lose the ability to support rising energy demand. For these and other reasons, you may need to replace electrical wiring every 25 to 30 years.
Fortunately, the Inflation Reduction Act offers up to $6,500 in tax credits for combined electrical panel and home wiring upgrades. You can make the most of the available incentives by investing in upgrades that streamline your home for whole-building electrification.
Save With the Home Efficiency Rebate (HOMES) Program
Part of the $8.8 billion dollars earmarked for home efficiency upgrades via the Inflation Reduction Act was distributed to states for state-issued incentives. In Minnesota, residents can apply for electrical rebates via the Home Electrification and Appliance Rebate Program (HEAR) and the Home Efficiency Rebate Program (HOMES). Both programs remain in the design phase and are pending submission to the DOE for approval in late 2024.
Rebates for whole-home energy improvements provided by the HOMES program will range between $2,000 and $8,000. Rebates for electrical appliance upgrades under the HEAR program will be based on the energy savings provided and each household’s annual income.
Save More By Applying for Rebates From Your Utility Service Provider
Top utility service providers in Anoka, MN offer generous incentives of their own. You can get substantial credits on your home energy bill when installing qualifying appliances and light bulbs or making other efficiency improvements.
Check Out These Savings From Anoka Municipal Utility
Anoka residents receive electrical service from XCEL Energy, Connexus Energy, or Anoka Municipal Utility (AMU). If AMU is your utility service provider (USP), you can add the following incentives to your federal and state-funded rewards.
EV Charger Installation
AMU issues bill credits for qualifying EV charges of up to $325. You can get a rebate of up to $215 for any qualifying plug-in Hybrid EV (PHEV) charger.
LED Light Bulb Upgrades
If you haven’t switched to LED light bulbs, now is a great time to do so. These bulbs use up to 90% less energy than incandescent bulbs. They also produce far less heat. With LED lights, you can illuminate your home in summer without increasing your air conditioner’s burden. Best of all, AMU will issue you a rebate of up to $50 per calendar year for any LED light bulbs that replace higher-wattage bulbs and produce energy savings.
Appliance Rebates
If your washing machine is on the fritz, look for an ENERGY STAR-rated replacement and qualify for a $25 rebate from AMU. Choose your next dishwasher from the most current list of ENERGY STAR-rated appliances and get a $25 rebate. Homeowners are limited to one rebate per appliance, per customer account. These monies will be applied directly to your bill as a credit for a noticeable, one-time reduction. AMU offers rebates of up to $75 for qualifying refrigerators and freezers.
Qualify and Apply for These XCEL Energy Rebates
XCEL Energy offers rebates of up to $50 for LED light bulb upgrades. For qualifying refrigerators, freezers, dishwashers, washing machines, and dryers, XCEL offers one-time rebates of $25. If you intend to upgrade your water heater and are an XCEL Energy customer, you can also get a rebate of up to $400 for a qualifying appliance.
Rebates From Connexus Energy
Connexus Energy offers electric rebates to customers for the installation of qualifying EV home chargers and Wi-Fi thermostats. According to ENERGY STAR, upgrading to Wi-Fi thermostats can also help homeowners save up to 8% on their heating and cooling costs each year.
We help homeowners in Anoka, MN get the most from their electrical system upgrades. We can help you find the perfect products for your household and budget while optimizing your savings through state, federal, and USP tax incentives and rebate programs. We offer top-notch heating, cooling, plumbing, and electrical services. To find out more or schedule an appointment, contact Liberty Comfort Systems now!
