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financing & incentives
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This page offers information for non-residential entities (including developers, business owners, and nonprofit organizations). Click HERE for information for Residents (homeowners and renters).
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Getting Started
Various funding resources are available to help you electrify your home. Rebates, tax credits, and loans can often be combined when you make a purchase of a new energy-efficient system or appliance, making it easier to offset the initial cost and shortening the payback time. Head to our What to Electrify page to read about different types of systems and make your own plan for electrification.
*Note: Financing and tax programs frequently change. Consult your installer or tax professional for the most up-to-date information. Keep in mind that many installers may not yet know about all available incentives -- we're working to help them too.
Incentives: reduce the cost of electrification projects
The Inflation Reduction Act of 2022 (IRA) included new and expanded federal tax credits and up-front rebates for electric appliances, energy efficiency and clean energy! These incentives can be often stacked with existing utility rebate programs and state or private low-interest loan options. We're still learning in this area, so stay tuned for more to come!
Tax credits - available now!
Inflation Reduction Act's new direct pay and transfer options allow more organizations to utilize clean energy tax credits for equipment placed in service on or after January 1, 2023 and through December 31, 2032:
Inflation Reduction Act's new direct pay and transfer options allow more organizations to utilize clean energy tax credits for equipment placed in service on or after January 1, 2023 and through December 31, 2032:
- Direct Pay: Through the direct pay option, the value of certain tax credits can be distributed as a direct payment to non-taxable entities, such as tax-exempt organizations, states, political subdivisions, and rural electricity co-ops.
- Transferability: Transferability allows eligible taxpayers, that are not tax-exempt entities, to transfer all or a portion of certain tax credits to an unrelated party. This is particularly helpful for households and businesses that may not have adequate tax burden to otherwise benefit from the full value of the credit.
Curious about how your energy bill will be affected by switching to Energy Star high efficiency appliances? Check out Energy Star's Savings Calculator Tool.
