WEST PORTLAND Blog

Inflation Reduction Act Helping You | Koala Insulation West Portland

If you make certain energy-efficient upgrades to your home in 2023, you can qualify for direct rebates and tax credits on your taxes. Let us break it down for you below!

Where Do I Start?

This is often the hardest part when deciding about home improvement projects! It may be helpful to get opinions from various industry professionals (hi) or get an energy audit done on your home.

This can help identify the areas that would benefit the most from any sort of energy-efficient upgrade! Depending on the project you choose, you can claim up to 30% of the project’s cost when you file your 2023 taxes next year.

Some projects that quality for this incentive include:

• Solar panels
• New insulation
• New appliances
• Upgraded heating and cooling equipment
• Air sealing services

There is a cap on the limit to your insulation project at $1,200, but that money can go a long way toward creating a more comfortable and energy-efficient home. You can also stack these projects each year as well since the act should benefit us for a while.

What Are the Rebate Options?

There are also rebate and direct cash back options targeted to help low- to moderate-income households starting this year. Similar upgrades in the tax credit portion also qualify here as well, so it is important to do your research and figure out what will give you the most bang for your buck.

The HOMES Rebate program doesn’t have a set or defined limit; the amount is determined based on the projected cost of the project against the amount of money you are expected to save over the life of the material or equipment. Basically, that means the more money you are expected to save due to the upgrade you choose, the more money you will get back.

How Do I Know What Projects Qualify in Oregon?

Each state is rolling out the rebates and incentives differently, so for Oregon’s most up-to-date information, check out the state website and peruse through your options. In addition, the Database of State Incentives for Renewables & Efficiency is another place for you to locate different credits and cashback opportunities.

If you decided that insulation or air sealing around your home is the project you want to take advantage of this year, give us a call! Our Koala team can install the right type of insulation for your home’s needs and will help you make the most out of this great money-saving opportunity.

Let us help you take advantage of the Inflation Reduction Act! Contact us at Koala Insulation of West Portland to get started.