Are you wondering if you’re eligible for the Energy Star Appliance Tax Credit? Buying a new refrigerator is never cheap so getting a tax credit sounds terrific!
That’s why we created this page to ensure you get every dime you deserve for your refrigerator purchase (and possibly other purchases you already made!)
The Energy Star Tax Credit is super exciting to talk about because it was part of the Inflation Reduction Act of 2022, which was recently passed and extends to many different ways you can get paid for your purchase and lasts until 2032!!
So let’s get right down to the facts so that you understand how to get your Energy Star Appliance Tax Credit and get the monies owed to you.
(If you're ready to start looking at the refrigerator models available, then just click here to go to our Energy Star Fridge Reviews page. Here you will find dozens of Energy Star rated refrigerators to choose from.)
The program is one of the many different residential tax credits offered through the Inflation Reduction Act of 2022.
As the name suggests, it is a tax credit that covers the purchase of appliances that are Energy Star Rated (or energy saving).
of this entire residential initiative is to impact our use of energy at
home called Residential Energy Efficiency.
This act was focused around the importance of decreasing energy consumption for both residential as well as commercial use.
(I love that the
government put this into place! It’s all a part of us trying to
align with the Paris Climate Accords of 2015. We all know to hit those
numbers, we ALL HAVE TO MAKE CHANGE, and how amazing is it that the
government is making it financially worth our while?!?!)
In case you're wondering, the other programs included in this ground breaking Act cover:
1. Energy Efficient Window Replacement: Older, single paned windows have many issues from difficulty in keeping temperatures consistent to a lack of noise reduction.
Adding triple-pained windows can make a huge difference in both your electric bill and keep the outside noises from coming in!
2. AC & Heat replacement: Replacing older air conditioning units with new ones will eliminate the
use the ozone depleting chemical of Freon.
Changing out more energy efficient heaters will not only offer a savings but will allow you to switch from gas to electricity which can have a huge effect on greenhouse gases.
3. Home Insulation: Insulation has gotten so much better at keeping outside temperatures outside in the last 20 years.
The better the insulation, the easier it is to keep consistent temperatures in your home, using less energy and saving you money!
4. Alternative Energy Sources: This is a new way for all of us to help shift the situation we are all in by making the energy we use! These include ways to harness energy with fuel cells, small wind turbines, geothermal heat pumps, solar & wind.
(If you want to be part of the solution Click here to be added to our Alternative Energy Sources newsletter to learn more about what it is and the programs out there that will pay you to implement them.)
These Tax Credits have been created by the EPA and the Department of Energy to help the transition away from less energy-efficient appliances. It makes this shift more accessible for all and helps decrease costs.
It is what it sounds like, a federal tax credit that you get to take off of your taxes. The amount you can deduct from your taxes is 10% of the cost of your appliances, up to $500.
Here's the form you will need to fill out to receive the Energy Efficiency Residential Tax Credit.
If you're not sure how to do this all you have to do is let the person who does your taxes know so that they can add it as one of your deductions for the year
**That’s just the savings available to you on the federal level. Though there are still rebates, personal tax credits, and loans that might be available to you locally!
Click here to see ways you can save by buying your Energy Star Appliances in your local/regional area.
The main reason is to keep us on track to hit the markers set by the Paris Climate Accord to hinder global Warming. The United States primarily depends on fossil fuels as an energy source, and to hit the goals laid out for us, we will all need to shift to electricity ASAP.
The goal with all of the federal energy efficiency tax credits (which could save you upwards of $14,000 in rebates across your home) is to find individual ways each of us can make an impact on reducing greenhouse gas emissions.
The US government wants to decrease our energy usage 40% by 2050. While this number sounds impressive, the goal set by the Paris Climate Accords was 50% to stave off global warming.
(Shaving off an extra 10% off of our energy usage (above and beyond these incentives) would benefit us all.)
The government is hoping that the tax credit will cause most households to make the changeover at a faster rate, allowing us to reduce the amount of energy we are all using at a faster rate.
The Energy Star Appliance Tax Credit we are referring to is only available to people living in one of the 50 United States of America.
Though if you live outside of the US don't let that put you off. In doing some research, we found these incentives around the world:
The original Energy Star Tax Credits were supposed to be only until December 2022. Due to the Inflation Reduction Act of 2022 (signed in August 2022), these energy tax credits for homes & businesses now go through 2032!
That’s not a typo; I said 2032!
The US Government is serious about giving us all the ability, time, and financial resources we need to drastically shift our energy consumption.
Are you’re interested in seeing what else you can do to make a difference in your personal energetic footprint?
Believe it or not there are more ways than you can count on both hand and we’ve gone deep into the rabbit hole on how to decrease your
energy usage while saving money to do it.
Click here to learn more about ways you can change your energy usage through other energy saving technologies, Alternative Energy Sources you can add to your home and ways you can do both of thes more affordably!
Other Energy Star Related Articles
Other Energy Star Related Articles
If all of this Energy Star stuff is new to you, here's some other articles we've written on the topic to help you learn all that you need to know to be "Energy Star Educated".
Energy Star Refrigerator Reviews: We've included all of the models we've already reviewed that are Energy Star Rated so you can pick the best one for your neeeds.
Energy Efficient Refrigerators: Need tips to know which refrigerators really are energy efficient, take a look at the list we've compiled here.
Refrigerator Efficiency: Sure buying an Energy Star rated refrigerator is important but if you don't use it properly it doesn't make a difference. Learn how to make your refrigerator more efficient.
Energy Star Appliances: If you're looking for more items than just a refrigerator then why not look for an Energy Star appliance.
Energy Star Rebates: Starting August 15, 2009 each state will be offering rebates for any purchase of certain Energy Star Appliances. We've done some research so that you'll know how to access these appliance rebates.
Energy Star Tax Credit: To help sort out all of the confusion, here's an article on an Energy Star Tax Credit for certain improvements you've made on your home.
Energy Star Rating: What does Energy Star really mean and how do you read the ratings? We've covered all of this and more in this article.
Cash for Clunkers: A new $300 million program starting in the fall that can put up to $200 in your pocket towards a purchase of your new, energy efficient refrigerator.
Energy Star Reviews
If you want to see refrigerator reviews from others then scroll down to the bottom of the page but we need YOUR opinions and experiences, too! This way you can help and be helped.
Feb 02, 23 05:31 PM
Feb 02, 23 05:17 PM
Jan 31, 23 04:58 PM
New! CommentsHave something to say about what you just read? Leave a comment in the box below.