What Does New Inflation Law Mean For Homeowners In New York

Earlier this year the US Congress passed a bill that President Joe Biden signed that is supposed to help take some deliberate steps to help reduce the impacts that inflation has been having on the country for the last couple of years.

That new law, H.R.5376 - otherwise known as the Inflation Reduction Act of 2022, was designed to help everyday workers and families in the Unted States better control the costs of goods and services.

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Buried deep in the law, there are also several provisions that will potentially have a positive impact on homeowners in the country. Especially those that may need to make some health and safety repairs or energy upgrades in the near future.

According to a report by CBS News, the new law potentially provides more than $10,000 in tax credits and rebates to help combat the longer time impacts that climate change will have on homes and households.

With new programs like the HOMES Rebate and the High-Efficiency Electric Home Rebate (HEEHRA), there looks to be up to $14,000 available in rebates for making upgrades.

What Does This Mean For New York

In areas like Buffalo and Western New York where we have higher energy costs that are also on the verge of increasing, these programs can result in significant savings for a homeowner in the area. This can be especially impactful if you are a low-to-moderate income homeowner where money may be extra tight these days.

Installing energy upgrades like solar panels and heat pumps may have a double positive impact of both increasing the value of a home and reducing its energy usage costs.

In New York State, the New York State Energy Research and Development Authority (or NYSERDA for short) has the EmPower New York program that can help make many of these upgrades at a very low cost, and if you couple the upgrades with these rebates, it may even be free to do.

I have personally made some of these upgrades to my house in Western New York and I can tell you that it is definitely worth it depending on your housing situation.