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That stability “is really critical for these households with high energy burdens” that suffer from spikes in oil and gas prices, such as those caused by Russia’s invasion of Ukraine, he said. They’ll help families access the long-term benefits of electrification: healthier indoor air quality and lower, more stable bills, he noted.

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For example, low-income households can apply an $ 8, 000 discount to the full cost of buying and installing a heat-pump air conditioner/heater, while a moderate-income household can use the discount only to cover up to half of those costs.Ĭalisch called the upfront discounts “game-changing” for low- and moderate-income households. This family would also be more limited in how it could use upfront discounts. Feeding their details into the calculator, we find the family qualifies for all of the incentives the calculator assesses.

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They’re considered a low-income household, as are other four-person households in their ZIP code earning up to $ 89, 400, or 80 percent of the area median income. Lower-income homeowner: All incentives available!įirst, we’ll give the family a household income of $ 63, 900. Let’s run through a few scenarios varying their household income and whether they own or rent their home. They live in the Minneapolis ZIP code 55412. Ready to see the calculator in action? Imagine a married couple with two children are contemplating some serious climate-friendly home upgrades: solar on their roof, an electric car in their garage and new electric appliances to replace their aging fossil fuel-powered versions. Calculating the savings - from low-income to high-income, from homeowners to renters

But the calculator results are still a great place to start. The incentive programs also have yet to be actually set up by the government agencies that will implement them. It’s gathering just a few pieces of information about your particular income and tax situation, so it can only provide you with a broad-brush picture of your eligibility for incentives and how much they could save you. Renters probably don’t want to foot the bill for an updated electric panel or geothermal heating system, for instance, so the calculator dismisses incentives for these types of items.īefore diving in, remember to take the results of the calculator with a grain of salt. Your homeowner status comes into play because some incentives require you to be a homeowner - or really only make financial sense for property owners. (According to the department, the national median household income in 2021 was $ 79, 900.) Department of Housing and Urban Development. The calculator looks that up based on your ZIP code and household size using data from the U.S. For example, your household income will qualify you for some incentives if it’s less than a certain absolute amount, and for others if it’s below a certain percentage threshold of the median income in your area. It uses different pieces of that information to determine your eligibility for different incentives. To determine which incentives you qualify for, the calculator asks you for several pieces of information: your ZIP code, homeowner status, household gross income, household size and whether you file taxes as an individual, jointly or as head of household.

So think of this article as your unofficial guide to how it works and what you can do with your results. Still, when Canary staff tried the calculator, some furrowed their brows the results that it delivers can be a little confusing. The calculator can inform those decisions, pointing Americans to the home and vehicle electrification discounts, rebates and tax credits that are, or will soon be, available to them thanks to the Inflation Reduction Act.