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By Suzanne Blake
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Residents in Wisconsin are now eligible to take advantage of a federal rebate program worth up to $14,000 that is available in the state's Home Energy, or HOMES program. It launched Friday and will benefit homeowners who make energy-efficient upgrades.
U.S. Secretary of Energy Jennifer Granholm announced the rebate's launch within the state in Milwaukee on Friday. Several tax rebates are available depending on the specific home upgrades residents implement, but altogether, the money is worth up to $14,000.
Wisconsin previously earned $149 million in federal funding to bring the program to life after President Joe Biden's administration passed the rebates under the Inflation Reduction Act in 2022.
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"The program is one of the more ambitious we've seen in the space of state energy rebates," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "The internal estimates are the program could save families $1 billion in energy costs annually and support around 50,000 jobs."
To earn the rebates, homeowners will need to have a home energy assessment completed at their property by a licensed energy auditor. That will tell them which upgrades are recommended and how much energy that would save them.
If you are a low-income Wisconsin resident, you can also get a rebate to supplement the cost of that initial home energy inspection too.
"Perhaps the best part is those Wisconsin residents interested in applying for the rebate don't have to wait," Beene said. "Those interested should start being contacted this month to get the process started, including setting up a time with a registered contractor."
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The exact amount will depend on both a resident's household income and the predicted energy savings. More money is available to lower income families, but wealthier families can also score some money for their home upgrades.
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In single-family homes, up to $10,000 is available for those making less than 80 percent of their area median income. Meanwhile, those making between 80 and 150 percent of the area median income will earn up to $4,000.
And for those making at or above 150 percent of the area median income, up to $3,000 is on the table.
A multifamily home can also earn rebates. Rental units with low-income residents can score up to $10,000, but the exact amount will still depend on the estimated energy savings.
"It's a step in the right direction when it comes to state and federal partnerships," Beene said. "Anything that can help long term energy consumption problems while also putting more money back in taxpayers' pockets is what's needed."
The Inflation Reduction Act saw significant changes under its clean energy updates, providing several incentives for energy-efficient appliances and home weatherization to reduce energy consumption and lower energy bills.
"I truly believe this may have an overall impact on energy conservation in our country, but only time will tell if other nations jump on board and reduce overall energy consumption for the greater good of the planet," Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek.
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