The climate bill that recently passed for 2022 offers rebates and tax breaks for qualifying homeowners who install energy-efficient products such as an energy efficient water heater. Estimated savings are approximately $1,800 in annual costs for gasoline and utility bills and can exceed $30,000 after 10 years and $140,000 after 25 years, if a household invests their energy bill savings from making energy efficiency upgrades.
There are many ways to make your home more energy efficient, including upgrading to an energy efficient water heater, installing an HVAC heat pump, adding insulation, installing rooftop solar panels, replacing drafty windows and doors, and more. For example, an energy efficient water heater will use approximate one-third of the electricity of a conventional water heater and would qualify for up to $1,750 in rebates.
Learn about home improvements that can reduce energy costs and quality for tax savings and rebates.