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More states expected to roll out Inflation Reduction Act energy-efficiency rebates this summer

More states expected to roll out Inflation Reduction Act energy-efficiency rebates this summer

CNBC

New York was the first state to launch a rebate program for consumers tied to home energy efficiency upgrades. Many more states are expected to roll out similar Inflation Reduction Act programs this summer. Low-income New Yorkers can get up to $24,000 in combined state and federal funding. New York Gov. Kathy Hochul. Lev Radin/Anadolu Agency via Getty Images

New York is launching a program offering homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property, and more states are expected to follow suit by summer’s end.

The rebate programs are part of the federal Inflation Reduction Act, the largest piece of climate legislation in U.S. history, which President Joe Biden signed in 2022.

The law earmarked $8.8 billion for consumers via two Home Energy Rebates programs.

The financial incentives help consumers reduce or fully offset the cost of upgrades to make their homes more energy-efficient, thereby reducing carbon emissions and cutting homeowners’ future energy bills, state and federal officials said.

Such projects might include installing air sealing, insulation, electric heat pumps and electric stoves, for example.

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New York launched part of its rebate program on May 30, making up to $14,000 of federal funds available to low-income households.

When combined with a fledgling state program called EmPower+ — which offers up to $10,000 per low-income household — consumers can access up to $24,000 in total rebates for making energy-efficiency upgrades, according to Doreen Harris, president and CEO of the New York State Energy Research and Development Authority.

‘Several’ states will roll out rebates by September

States, territories and tribes — which administer the programs — must apply for the federal funds.

Seventeen states had applied for Home Energy Rebates funding as of June 14, according to the U.S. Energy Department. New York was the first to roll out funding to consumers.

The Energy Department expects “several more states” to make the rebates available “between now and September,” it said. The agency has approved applications submitted by California and Hawaii, the final stage before rollout.

New York’s launch “is a milestone,” said Kara Saul Rinaldi, CEO and

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The full article is available here. This article was published at CNBC Finance.

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