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By Suzanne Blake
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Florida has officially approved homeowner rebates for up to $14,000 courtesy of President Joe Biden's Inflation Reduction Act.
The money is available for a wide range of different home upgrades from the federal Home Energy Rebates Program. All states can take from the rebate program's funding, but Florida has been approved to receive $346 million for homeowners across the state.
The Inflation Reduction Act was signed into law in August 2022 by Biden. The legislation invested $750 billion in climate matters, health care and taxes.
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"Dollars go to households that can reduce their energy consumption by 20 percent, or to low to middle-income families that are looking to electrify their homes, they could receive as much as 100% of the cost fully rebated," Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek.
There are several different ways Floridians can now earn the rebate money.
Many appliance upgrades are approved if the change is more energy efficient. Insulation upgrades to lower your heating, ventilation, and air conditioning (HVAC) use or replacing appliances that previously used gas would also qualify you for some of the money.
Heat pump and electrical panel replacements are also covered, while weather stripping will likewise get you a rebate in your wallet.
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The specific money available can either be up to $8,000 or $14,000, depending on your specific situation. Homeowners qualify for up to $8,000 if they implement home improvement projects that lower their building's energy use by 20 percent.
Meanwhile, low- and middle-income households can earn up to $14,000 if they upgrade and electrify their homes. The rebates are designed to cover 50 percent of any new equipment for middle income homeowners and 100 percent for low-income families.
"We've seen other states develop rebate programs to handle some of their overall energy consumption rates and encourage efficiency, and this one is no different," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. "These rebate programs have proven successful in other states due to the ease of qualifying, and hopefully Floridians will take advantage of it to upgrade their homes in a more affordable way."
The homeowners will also see lower monthly utility costs down the line due to their more energy efficient equipment.
Due to the rebates available, Thompson said Florida will likely experience a boon to its economy.
"The likely expectation was to go into those communities and pay the cost through the state," he said. "Now with the government subsidy, they can use the funds from the government to offset some of the cost it was going to take to revitalize and support low-income communities' energy efficiency. I suspect this will add some value to Florida's finances being that they can keep $346 million in its coffers for other projects."
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More Rebates Available
While the federal stimulus package may be long gone, Americans still qualify for extra cash in several states and cities.
Some of the money available benefits parents, homeowners and renters, while other local governments have approved payments to help low-income families make ends meet.
Arizona Governor Katie Hobbs approved a rebate for anyone with a dependent in their home, and roughly 743,000 residents were estimated to benefit from the $260 million program.
The rebate gave families $250 per child younger than 17 and $100 for older dependents. The maximum payment was set at $750 and available to everyone as long as they owed $1 in personal income taxes for 2019, 2020 or 2021.
New Mexico residents also got money back as Governor Michelle Lujan Grisham looked to help families amid uncertain economic times and high inflation.
"Prices for basic necessities continue to be high across the nation" Grisham said in a statement. "Our state today is in a fantastic financial position, and it's important to me that New Mexico's families are sharing in that success."
State residents had until May 31 to file for the 2021 PIT return. That return saw a rebate of $1,000 for married couples and $500 for single filers.
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