Eco-friendly subsidies can help homeowner DIYS go green
A recent survey from remodeling firm Allstar Home found around 70 percent of Americans are performing DIY projects in hopes of cutting repair costs. Many are turning to social media tutorials to make it happen.
As inflation surges nationwide, the burden of everyday expenses such as household repairs and utility payments is steadily climbing, placing Americans in a relentless financial squeeze.
Eco-friendly subsidies are another way to save on home improvement projects.
Ample opportunities
“With the current focus on green living and the available financial incentives, it’s a win-win situation for homeowners,” President of Pacific Northwest Advisory Doug Greenberg says. “These upgrades not only add value to your property but also contribute to a sustainable and energy-efficient future.”
There is a solid environmental impetus for change as American households are still big polluters. Currently, powering buildings and homes contributes around 13 percent of the United States’ greenhouse gas emissions, per Environmental Protection Agency estimates.
The government encourages homeowners to embrace green tech with financial incentives, such as rebates and tax breaks for solar panel installations, energy-efficient appliances, and home weatherization services.
Solar offers bright potential
Americans have been warming up to the idea of solar power. A Pew poll from early 2022 found that 8 percent of U.S. homeowners have already installed solar panels, while an additional 39 percent have seriously considered it. That was the public’s view even before the 30 percent federal tax credit came into effect in August 2022, further incentivizing adoption.
“Now is an opportune time to consider solar panels,” Greenberg says. “With federal tax credits still available for homeowners, you can substantially reduce the initial cost of installation. Over time, solar panels can considerably cut down your electricity bills, allowing the system to essentially pay for itself.”
Upgrading heating systems and improving insulation can drastically lower energy consumption in homes.
“If you’re still using an older heating system, upgrading to a more energy-efficient model can provide substantial savings over time,” Greenberg says. “Consider heat pumps, which are known for their efficiency and can serve dual purposes, both heating in the winter and cooling in the summer.”
Proper insulation makes homes more comfortable, prevents energy wastage and can add protection during extreme weather events.
Green nation
As the U.S. government pushes to realize the goal of net-zero emissions by 2050, now is the time for citizens to enjoy some enticing incentives to go green at home.
Thanks to the Inflation Reduction Act of 2022, the Green Energy Tax Credit program offers tax subsidies to homeowners whose improvement projects incorporate renewable energy. These could include installing geothermal heat pumps, wind turbines, and solar water heaters.
There are also added benefits for those with home loans. These come in the form of Energy-efficient Mortgages, designed to make eco-friendly more affordable.
“This (the EEMS program) is a federal initiative that allows homeowners to finance energy-efficient improvements as part of their mortgage,” Greenberg says. “It’s a fantastic way to bundle in the cost of upgrades without a hefty upfront payment.”
The Weatherization Assistance Program provides subsidies for low-income households. After applying, eligible families can expect a home visit and energy audit to be conducted, followed by a recommended project scope for the most cost-effective energy conservation upgrades. Most recommendations include insulating, caulking, weatherstripping, and upgrading heating and cooling systems with energy-efficient alternatives.