A Columbus, Ohio-based resident with extensive experience in the construction and renovation markets, Michael “Mike” Lelasher formerly served as vice president of Cardinal Builders, where he was responsible for the firm’s daily operations and implementing goal strategies. One of Michael Lelasher’s most notable achievements during his tenure was the utilization of tax rebates from the government for energy-efficient insulation.
On Friday, August 12th, 2022, U.S. President Joe Bidden signed the Inflation Reduction Act (IRA), introducing the Energy Efficient Home Improvement Credit. The preliminary draft of the bill proposed an incentive to promote energy efficiency and an environmentally friendly climate by offering tax discounts and rebates for energy-efficient home improvements. Beginning on January 1, 2023, homeowners will become eligible for up to $1,200 annual tax credit when they improve their insulation with qualified energy-efficient doors, windows, and an insulated roof.
Besides insulation, the Energy Efficient Home Improvement Credit also offers tax discounts for clean energy appliances like biomass stoves, electric panels, and boilers. Similar to 2022, these upgrades’ tax discounts/rebates will be 10 percent of the installation cost. Besides the aggregate credit limit, each upgrade category will be subject to its own unique annual credit limit. For example, a home can only get up to $500 in discounts for all energy-efficient exterior door installations in 2023.
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