With the signing of the historic Inflation Reduction Act, homeowners will receive thousands of dollars in tax incentives to improve their home’s energy efficiency in 2022 and beyond — as well as other benefits like electric vehicle tax credits.

 The legislation is a major win for clean energy and climate change activists and a push in the right direction toward America’s goals of investing in clean energy technologies, reducing global emissions, and lowering energy costs for consumers.

Here are some of the best new tax rebates that can help homeowners limit their carbon footprint while saving money on taxes, energy bills, and home insurance costs.

30% tax credit for solar panels and wind energy

Homeowners who install solar panels, wind turbine systems, or other renewable energy equipment will see a 30% tax credit under the Inflation Reduction Act.

Here’s how much different energy-efficient systems cost and how much you’ll save with the tax credit.

This tax credit also extends to battery storage technology, so you can purchase a battery system to go along with your solar panels that stores excess renewable energy for later use.

From January 2022 through December 2032, homeowners will be eligible for a 30% tax credit. This drops to 26% in 2033, and 22% in 2034.

Even if you don’t take advantage of these tax credits yourself, it’s predicted that the average consumer will still see a drop in electricity and heating costs annually due to this new mix of energy. The bill will save the typical American household $170 to $220 per year over the next 10 years and seriously reduce the volatility of electricity prices, according to an analysis by the Resources for the Future (RFF).

Up to $14,000 for installing energy-efficient appliances

Under the bill’s high-efficiency electric home rebate program, you can get a maximum of $14,000 for buying and installing energy-efficient home appliances or making home upgrades. You can also get up to $150 to help cover the cost of a home energy audit to see what types of upgrades might make sense for your particular home.

Depending on the appliance or upgrade you’re making, you’ll need to meet certain energy-efficiency criteria to be eligible for these tax credits, such as only purchasing appliances with Energy Star ratings.

Additionally, to qualify for these rebates your household income can’t be more than 150% of your county’s median income. And even then, there are limits to how much you can qualify for.

• Income below 80% of the area median: Full cost of your upgrades — up to $14,000 rebate

• Income between 80% and 150% of the area median: 50% of the cost of your upgrades — up to $14,000

You can find your county’s median income by using the Department of Housing and Urban Development’s income limits tool.

Up to $8,000 for homeowners who cut down on energy use

The bill also comes with two more incentives for homeowners to cut down on their energy use through two grant programs. Each state would need to apply for the grants that would then trickle down benefits to homeowners based on their income level and energy use. But it will take time for states to set up these rebate programs, according to Lowell Ungar, director of federal policy with the American Council for an Energy-Efficient Economy.

Homeowners who cut their energy use by 35% through home renovations like energy-efficient insulation and HVAC installation would be eligible for a maximum $4,000 rebate. And homeowners who reduce their energy use by even just 20% would see a maximum $2,000 rebate or half the cost of the home renovation project.

These rebates double to $8,000 and $4,000 respectively for low-income households whose income is 80% or less than the area’s median income, and you should be able to mix and match these tax incentives with the rebates listed above to maximize your savings.

Home insurance discounts you might qualify for

Not only can homeowners who decide to make their homes more eco-friendly save money through these tax incentives and lower energy bills, but you might be able to score discounts on your home insurance premiums.

Many home insurance companies will reward you for installing eco-friendly appliances and systems in your home, including:

This article originally appeared on Policygenius.com and was syndicated by MediaFeed.org.

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